Using the new tax rate provided in the chart below, calculate how much taxes a single/unmarried individual

Fantastic news! We've Found the answer you've been seeking!

Question:

Using the new tax rate provided in the chart below, calculate how much taxes a single/unmarried individual who earns $75,000 would pay. Keep in mind that you only get taxed on your "taxable income" not on the total/gross amount of income you have earned. The standard deduction for a single filer went up from $6,350 to $12,000 in 2018, so you will deduct this amount from the gross income, and then calculate the taxes you owed on the remaining income.

Posted Date: Jun 22, 2024 03:10 PM

See More Questions

The Akinnuoye Store is located in midtown Madison. During the past several years, net income has been declining because of suburban shopping centers. At the end of the company?s fiscal year on...
Solve the following: 3. The heights, x cm of a large population of adults have a mean of 170 am and a standard deviation of II cm. random samples of size 15 were collected and in each sample the...
Which of the following refers to a financial tool that helps you regulate how quickly, and in what ways, your money is being used so that you can stay focused on accomplishing your goals? Budget...
Write a Java class, called RatioClass, with three attributes a (int), b (int), and ratio (double). Write another Java class, called Compute Ratio, with a main method which reads two positive integers...
Celebrity Co.'s pretax GAAP for the current year is 110,000. Nondeductible fines of $2,000 are included in pretax GAAP income. Tax depreciation in excess of GAAP amounted to 25,000 and there were...
Shirts were purchased for $13.50 each and were marked up by $18.75. During Christmas, they were discounted by $6.85 per shirt. a. What was the rate of markdown? 36.53 % Round to two decimal places b....
What are the business strategies that we can give for hong kong port to improve and why! Please give 4 types of business strategies for trade globally
The Backflushers Manufacturing Corp. uses a Raw and In Process Inventory account and expenses all conversion costs to the cost of goods sold account. At the end of each month, all inventories are...
John owns shares in a mutual fund and shares of individual stocks in his brokerage account. The Form 1099-DIV from the mutual fund indicates $2,000 of capital gains distributions and the form from...

Using the new tax rate provided in the chart below, calculate how much taxes a single/unmarried individual

Question:

Expert Answer:

Students also viewed these accounting questions