What is the amount of the tax liability for a single person having taxable income of $59,200? All answers should be rounded to the nearest dollar. Use the appropriate Tax Tables or Tax Rate Schedules.
A)$10,656.
B)$9,350.
C)$10,545.
D)$14,800.

Question

Quizplus · Accepted Answer

The tax liability for a single person with taxable income of $59,200 can be calculated using the Tax Tables or Tax Rate Schedules. Based on the 2021 Tax Rate Schedules, the tax liability for this individual would be:
- $9950 x 10% = $995
- ($40,525 - $9,950) x 12% = $3,573
- ($59,200 - $40,525) x 22% = $4,977.50
Total tax liability = $995 + $3,573 + $4,977.50 = $10,545. Therefore, the best choice is C.

What Is the Amount of the Tax Liability for a Single