Kim Ye is single and earns $40,000 in taxable income.He uses the following tax rate schedule to calculate the taxes he owes.
Calculate the dollar amount of estimated taxes that Kim owes.

Question

Kim Ye is single and earns $40,000 in taxable income.He uses the following tax rate schedule to calculate the taxes he owes. 
Calculate the dollar amount of estimated taxes that Kim owes.

Quizplus · Accepted Answer

Using the tax rate schedule provided, we can calculate Kim's taxes as follows:
- The first $9,875 is taxed at 10%, so Kim owes $987.50 (0.10 * 9,875).
- The next $30,250 is taxed at 12%, so Kim owes $3,630 (0.12 * 30,250).
- The remaining $249 is taxed at 22%, so Kim owes $54.78 (0.22 * 249).
Adding these amounts together, we get $4,672.28. However, this is only an estimate based on Kim's taxable income. We would need more information about his deductions, credits, and other factors to determine his actual tax liability.

Kim Ye Is Single and Earns $40,000 in Taxable Income