What is the tax liability for a single individual who has taxable income of $115,500,that includes a taxable qualified dividend of $2,000? All answers should be rounded to the nearest dollar.

Question

Quizplus · Accepted Answer

The tax liability is calculated by applying the tax rates for ordinary income and qualified dividends separately. For 2023, the tax on $113,500 of ordinary income and $2,000 of qualified dividends results in a total tax liability of $25,256.

What Is the Tax Liability for a Single Individual Who