Can you help me solve this please?
Standard deduction should be subtracted from taxable income for the calculation of tax; but, exemption amount should not be considered in anywhere, since this is not a part of taxable income.
Income for tax calculation = Taxable income – Standard deduction
= 67,200 – 6,100
= $61,100
Tax amount = 8,925 × 10% + (36,250 – 8,925 =) 27,325 × 15% + (61,100 – 8,925 – 27,325 =) 24,850 × 25%
= 892.50 + 4,098.75 + 6,212.50
= 11,203.75
= 11,204 rounded
Answer: 11,204
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