Use Tax Rate Schedule Carson Wentz, of Philadelphia, determined the following tax information: salary, $162,000; interest earned, $1,000; qualified retirement plan contribution, $4,000; personal exemption, $4,050; itemized deductions, $9,000. Filing single, calculate Carson's taxable income and tax liability. (Hint: Use Table 4-2.) Round your answer for tax liability to the nearest cent. Taxable income $ Tax Liability $

Table 4-2 Tax Rate Schedules DOIN US But not over 59.275 $ 37,650 5 91,150 $190,150 $413,350 $415.050 No limit The tax is 10% of the taxable income $927 50 plus 15% of the amount over 59.275 55.183.75 plus 25% of the amount over $37,650 $18.558.75 plus 28% of the amount over 591,150 $46.278.75 plus 33% of the amount over $190,150 $119,934.75 plus 35% of the amount over $413,350 $120.529.75 plus 39.6% of the amount over $415,050 Single Individuals I taxable income is over 0 $ 9.276 $ 37,651 $91.151 $190, 151 $413,351 Over $415,050 Married couples Filing Jointly If taxable income is over 0 $ 18,551 $ 75,301 $151,901 5231,451 $413.351 Over $466 950 But not over $ 18,550 $ 75,300 S151,900 5231,450 5413,350 $466,950 No limit The tax is- 10% of the taxable income $1855 plus 15% of the amount over $18,550 $10,367.50 plus 25% of the amount over $75,300 $29,517.50 plus 28% of the amount over $151,900 551,791.50 plus 33% of the amount over $231,450 $111,818,50 plus 35% of the amount over $413,350 $130.578.50 plus 39.6% of the amount over $466,950