80.2K

Verified Solution

Link Copied!

ASAP Please! Thank you!

In the United States, individuals pay taxes on their taxable income. The amount of tax payable depends on the amount of taxable income the person has generated during a calendar year. The tax table below shows the federal income taxes payable for 2021 . The tax rates range from 10% to 37% based on income levess. Lower tax rates apply to lower levels of income. As income levels increase, so does the tax rate for the additional income amounts. In addition, different tax rates apply depending on the person's status. The five filing statuses are single, married filing jointly, married flling separately. head of household, and qualifying widow(er) with dependent child. The table below shows the federal tax rates that apply to persons who are single. For the first 59,950 of taxable income, the single person would pay 10% in taxes. For example, if they made $5,000, they would pay $500 in taxes. For any income over $9,950, the person would pay a base amount of tax PLUS an additional amount calculated by a marginal tax rate. Use the table above to caaculate the following three questions. An example has been completed for you. Example Bas ed on the table, how much federal tax will a single person who earns $45,000 pay? Answer: 45.648 - The person is in the $40,525586,375 tax trackes - 514,751 is payable for the first $10,525 - $45,000$40,525=$4,475 remaining - S085 are payable in addition for the $4,475 in income above $40,525 (2224 tax rate: 94,4750.22=$005) : 54,664+5004=85.640 tokal payable in taxes How much federal tax will a single person who earns $435,000 pay? $126,794 $47,843 $225,575 $209,425 In the United States, individuals pay taxes on their taxable income. The amount of tax payable depends on the amount of taxable income the person has generated during a calendar year. The tax table below shows the federal income taxes payable for 2021 . The tax rates range from 10% to 37% based on income levess. Lower tax rates apply to lower levels of income. As income levels increase, so does the tax rate for the additional income amounts. In addition, different tax rates apply depending on the person's status. The five filing statuses are single, married filing jointly, married flling separately. head of household, and qualifying widow(er) with dependent child. The table below shows the federal tax rates that apply to persons who are single. For the first 59,950 of taxable income, the single person would pay 10% in taxes. For example, if they made $5,000, they would pay $500 in taxes. For any income over $9,950, the person would pay a base amount of tax PLUS an additional amount calculated by a marginal tax rate. Use the table above to caaculate the following three questions. An example has been completed for you. Example Bas ed on the table, how much federal tax will a single person who earns $45,000 pay? Answer: 45.648 - The person is in the $40,525586,375 tax trackes - 514,751 is payable for the first $10,525 - $45,000$40,525=$4,475 remaining - S085 are payable in addition for the $4,475 in income above $40,525 (2224 tax rate: 94,4750.22=$005) : 54,664+5004=85.640 tokal payable in taxes How much federal tax will a single person who earns $435,000 pay? $126,794 $47,843 $225,575 $209,425

Answer & Explanation Solved by verified expert

See Answer