Assume that Daniel’s taxable income after taking the standard deduction is $33,914. Which equations will Daniel need to use to calculate the amount of income tax on his taxable income, where x is the amount of taxable income that’s taxed at the corresponding marginal tax rate and y is the amount of taxes owed? I.

y = 0.10x

II.

y = 0.12x

III.

y = 0.22x

IV.

y = 0.24x

V.

y = 0.32x

VI.

y = 0.35x

VII.

y = 0.37x

Select the correct answer.

I and II
I, II, and III
IV, V, VI, and VII
VII only