Acountry is considering two income tax rates. geoffrey is comparing what his tax bill would be under each plan. under plan a, he pays 5% on the first $10,000. the next $85,000 is taxed at a rate of 10%. any money earned above $95,000 is taxed at 15%. he made $98,000 last year. which statement below is correct?

We calculate the tax that is due for Geoffrey and we are to compare the computed values.

Plan A:

Solve first for the excess from $10,000 of Geoffrey current earnings. The first $10,000 is taxed by 5% and that the remaining amount is taxed with 10%.

       $98000 – $10,000 = $88,000

      Total Tax = ($10,000) x (0.05) + ($88,000) x (0.10) = $9,300

Plan B:

Since Geoff earned $98,000, all of which will be taxed with 15%.

     Total Tax = ($98,000) x (0.15) = $14,700

Thus, if Plan B is implemented in the country, Geoff will have to pay $5,400 more compared when plan A is implemented.

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step-by-step explanation: