Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Using the tax table, determine the amount of taxes for the following situations: (Do not round intermediate calculations. Round yo answers to 2 decimal places.)

image text in transcribed
image text in transcribed
Using the tax table, determine the amount of taxes for the following situations: (Do not round intermediate calculations. Round yo answers to 2 decimal places.) a. A head of household with taxable income of $56,000 Tax amount b. A single person with taxable income of $35,400. Tax amount c. Married taxpayers filing jointly with taxable income of $72,200. Rate on Taxable income Single Taxpayers Married Taxpayers Filing Jointly Heads of Household 10% Up to $9,325 Up to $18.650 Up to $13,350 15 $9,326-$37.950 $18,651-$75,900 $13,351-$50,800 25 $37.951-$91,900 $75,901-$153.100 $50,801-$131,200 28 $91.901-$191,650 $153, 101-$233,350 $131,201-$212,500 33 $191,651-$416,700 $233,351-$416,700 $212,501-$416,700 35 $416,701-$418,400 $416,701-$470.700 $416,701-$444,550 39.6 Over $418.401 Over $470.701 Over $444,551

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

Global Banking

Authors: Roy C Smith, Ingo Walter, Gayle DeLong

3rd Edition

0195335937, 9780195335934

More Books

Students also viewed these Finance questions