Question

I have put the numbers in the calculator and keep coming up with the wrong answer. Do you think that you could help me solve this, but show me the right way to calculate the equation?

Use the marginal tax rates in the table below to compute the tax owed in the following situation. The tax owed is $ (Simplify your answer. Round to the nearest dollar as needed.) Gene is married filing separately with a taxable income of $67,900. Tax Rate Single Married Filing Separately 10% up to $8,925 up to $8,925 15% up to $36,250 up to $36,250 25% up to $87,850 up to $73,200 28% up to $183,250 up to $111,525 33% up to $398,350 up to $199,175 up to $400,000 up to $400,000 standard $6100 $6100 deduction $3900 (per person) | 35% exemption s3900

Answer 1

Taxable income = $ 67,900

Tax owed = 0.10 $\times$ $ 8925 + 0.15 $\times$ ( $ 36,250 - $ 8,926) + 0.25 $\times$ ( $ 67,900 - $ 36,251)

Tax owed = $ 892.5 + $ 4,098.6 + $ 7,912.25

Tax owed = $ 12,903