As of 2007, ranchers were taxed at 14 percent for income up to $41,000; at 16 percent for income ranging from $41,000 to $67,000; at 26 percent for taxable income $67,000 to $83,000; at 39 percent for income from $83,000 to $198,000, and so on. There is a social security rate of 12.4% and a Medicare rate of 2.9%.
Suppose that you have revenues of $138,400 and operating expense of $51,600.
What total tax percent will be applied to the 26% tax bracket?