Question

Using the tax table, determine the amount of taxes for the following situations: (Do not round intermediate calculations. Round your answers to 2 decimal places.)

Rate on Taxable income Single Taxpayers Married Taxpayers Filing Jointly Heads of Household 10% Up to $9,325 Up to $18,650 Up to $13,350 15 $9,326-$37,950 $18,651-$75,900 $13,351-$50,800 25 $37,951-$91,900 $75,901-$153,100 $50,801-$131,200 28 $91,901-$191,650 $153,101-$233,350 $131,201-$212,500 33 $191,651-$416,700 $233,351-$416,700 $212,501-$416,700 35 $416,701-$418,400 $416,701-$470,700 $416,701-$444,550 39.6 Over $418,401 Over $470,701 Over $444,551

a. A head of household with taxable income of $55,000.

b. A single person with taxable income of $35,000.

c. Married taxpayers filing jointly with taxable income of $72,000.

Answer 1

a) Head of household with taxable income of $55,000
Income	Tax Rate	Tax Amount
Upto $13,350	10%	1,335.00
$13,351 - $50,800	15%	5,617.35
$50,801 - $55,000	25%	1,049.75
Total tax amount payable	8,002.10
b) Single person with taxable income of $35,000
Income	Tax Rate	Tax Amount
Upto $9,325	10%	932.50
$9,326 - $35,000	15%	3,851.10
Total tax amount payable	4,783.60
c) Married taxpayers filing jointly with taxable income of $72,000
Income	Tax Rate	Tax Amount
Upto $18,650	10%	1,865.00
$18,651 - $72,000	15%	8,002.35
Total tax amount payable	9,867.35