The tax liability for a single individual with taxable income of $67,293 is: options: $7,685. $10,663....
The tax liability for a single individual with taxable income of $67,293 is: options: $7,685. $10,663. $9,239. $10,659?
Homework Answers
For single individual tax filer :
$0 - $9700 ------------------------ 10 %
$ 9701- $ 39475 -------------------12%
$ 39,476 - $ 84200 -----------------22%
The above individual has $ 67,293 as the taxable income .
(Slab rate taxation system)
First 9700 taxed @ 10% = 9700 *10% 970
9701 to 39,475 taxed @ 12% = (39475 - 9701 ) * 12%
= 29774 * 12% 3572.88
39476 to 84200 taxed at 22% =( 67293 - 39476 ) * 22%
=27817 * 22 % 6119.74
Total tax ( 970+3572.88 + 6119.74 ) = 10,662.62
approx. $ 10,663
Thus Answer =$ 10663
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The tax liability for a single individual with taxable income of
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