Question
Cameron is single and has taxable income of $93,341. Determine his tax liability using the tax tables and using the tax rate schedules. (Round your
Cameron is single and has taxable income of $93,341. Determine his tax liability using the tax tables and using the tax rate schedules. (Round your intermediate computations and final answers to 2 decimal places.)
tax rate schedule If taxable income is over: But not over: The tax is: $0 $9,525 10% of taxable income $9,525 $38,700 $952.50 plus 12% of the excess over $9,525 $38,700 $82,500 $4,453.50 plus 22% of the excess over $38,700 $82,500 $157,500 $14,089.50 plus 24% of the excess over $82,500 $157,500 $200,000 $32,089.50 plus 32% of the excess over $157,500 $200,000 $500,000 $45,689.50 plus 35% of the excess over $200,000 $500,000 $150,689.50 plus 37% of the excess over $500,000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started