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Cameron is single and has taxable income of $88,806. Determine his tax liability using the 2019...

Cameron is single and has taxable income of $88,806. Determine his tax liability using the 2019 tax tables and using the 2019 tax rate schedules. (Round your intermediate computations and final answers to 2 decimal places.)

Tax liability using tax table:

Tax liability using tax rate schedule:

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Answer #1

Cameron’s tax using the tax tables is $15,493. His tax using the tax rate schedules is $15,487.94.

There is a $5.06 difference between the two amounts because the tax tables are based on taxable income at the midpoint of the range and the tax rate schedules are precise. Thus, the tax tables are based on a taxable income of $88,825 while the tax rate schedules are based on taxable income of $88,806.

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