Benjamin,who files as a single taxpayer,has $359,900 taxable income in 2019.Compute his regular tax liability.

Question

Quizplus · Accepted Answer

For a single taxpayer in 2019, the tax brackets are as follows: 10% on income up to $9,700, 12% on income over $9,700 up to $39,475, 22% on income over $39,475 up to $84,200, 24% on income over $84,200 up to $160,725, 32% on income over $160,725 up to $204,100, 35% on income over $204,100 up to $510,300, and 37% on income over $510,300. Benjamin's income of $359,900 falls into the 35% bracket. Calculating the tax for each bracket and summing them gives a total tax liability of $101,159.

Benjamin,who Files as a Single Taxpayer,has $359,900 Taxable Income in 2019.Compute