Question

1. If Susan, who is single, had a taxable income of $31900 in 2019, how much would she have owed in federal taxes based on that year’s tax rate schedule?

A) $3828

B) $3190

C) $3440

D) $3634

2. If Susan earns $40 per hour in additional overtime pay on top of her standard taxable income of $27800 in 2019, what marginal federal income tax rate would she pay on her additional income? Assume her additional income does not exceed $10000.

A) 10 %

B) 24 %

C) 12 %

D) 22 %

3. You were single and had taxable income of $34900 in 2019. How much tax did you owe, assuming that you didn’t qualify for any tax credits?

Schedule X. 2019 Tax Rate Schedule for Single Filers
If your taxable income is:
Over:			But not more than:				You will owe:			Taxable income over:
$	0		$	9,700				10% of		$	0
$	9,700		$	39,475			$	970 + 12% of		$	9,700
$	39,475		$	84,200			$	4,543 + 22% of		$	39,475
$	84,200		$	160,725			$	14,383 + 24% of		$	84,200
$	160,725		$	204,100			$	32,749 + 32% of		$	160,725
$	204,100		$	510,300			$	46,629 + 35% of		$	204,100
$	510,300			+			$	153,799 + 37% of		$	510,300

Schedule Y-1. 2019 Tax Rate Schedule for Married Filings Jointly
If your taxable income is:
Over:			But not more than:				You will owe:			Taxable income over:
$	0		$	19,400				10% of		$	0
$	19,400		$	78,950			$	1,940 + 12% of		$	19,400
$	78,950		$	168,400			$	9,086 + 22% of		$	78,950
$	168,400		$	321,450			$	28,765 + 24% of		$	168,400
$	321,450		$	408,200			$	65,497 + 32% of		$	321,450
$	408,200		$	612,350			$	93,257 + 35% of		$	408,200
$	612,350			+			$	164,710 + 37% of		$	612,350

A) 3490

B) 3994

C) 6514

D) 4188

Answer 1

o Taxable income in 2019 =$31900 Income Tax Amount 0 - 9700 10% 970 9700-39475 12% of (31900-9700) 12 x the exces Over 9700 100 = 2664 Tax Payable $3634 N Answer is (D)

1.(d)

As per calculation option ( d) is correct and other options are incorrect.