Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Using the tax table, determine the amount of taxes for the following situations: (Do not round intermediate calculations. Round your answers to 2 decimal places.)
Using the tax table, determine the amount of taxes for the following situations: (Do not round intermediate calculations. Round your answers to 2 decimal places.) a. A head of household with taxable income of $59,000. Tax amount b. A single person with taxable income of $36,600. Tax amount c. Married taxpayers filing jointly with taxable income of $72,800. Tax amount Rate on Married Taxpayers Filing Jointly Taxable Income Single Taxpayers 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
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