Assume tax rates on single individuals are 10% on taxable income up to $9,075, 15% on income of $9,076 to $36,900 and 25% on income of $36,901 to $89,350.What is the tax liability for a single individual with $52,000 of taxable income?

Question

Quizplus · Accepted Answer

Tax on first $9,075 = $9,075 x 10% = $907.50Tax on next $27,825 = $27,825 x 15% = $4,173.75Tax on next $15,090 = $15,090 x 25% = $3,772.50Total tax liability = $907.50 + $4,173.75 + $3,772.50 = $8,853.75

Assume Tax Rates on Single Individuals Are 10% on Taxable