Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Cameron is single and has taxable income of $93341. determine his tax liability using the tax rate scedule. thank you!! please help me to understand

Cameron is single and has taxable income of $93341. determine his tax liability using the tax rate scedule.

image text in transcribed

thank you!! please help me to understand what the middle part means of the tax rate schedule (the numbers and percents between "but not over" and "the tax is") thank you!!

Tax Schedule - use weer $0 2018 Individual Tax Rate Table If your filing status is Single: If your taxable income is: Over- But not over- The tax is: $9,525 10% of the amount over $9,525 $38,700 $952.50 + 12% of the amount over $38,700 $82,500 $4,453.50 + 22% of the amount over $82,500 $157,500 $14,089.50 + 24% of the amount over $157,500 $200,000 $32,089.50 + 32% of the amount over $200,000 $500,000 $45,689.50 + 35% of the amount over $500,000 $150,689.50 + 37% of the amount over $0 $9,525 $38,700 $82,500 $157,500 $200,000 $500,000 tayons 77400 If your filing status is Married Filing Jointly (MFJ) or Qualifying Widow(er): If your taxable income is: Over- But not over- The tax is: $19,050 10% of the amount over $19,050 $77,400 $1,905 + 12% of the amount over $0 $0 $19,050

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Environmental Audit A Compendium For Nicaragua

Authors: Amarus Aurelio Urbina

1st Edition

6203976547, 978-6203976540

More Books

Students also viewed these Accounting questions

Question

How do mules and donkeys differ? How are they similar?

Answered: 1 week ago

Question

Prepare each of the ratios and compare them to the benchmark.

Answered: 1 week ago