USE THE TAX TABLE PROVIDED BELOW FOR THE FOLLOWING PROBLEM(S)

-Refer to Exhibit 2.1. What is the tax liability for a single individual with taxable income of $85,000?
A) $23,800
B) $18,427
C) $24,958
D) $16,867
E) $19,650

Question

USE THE TAX TABLE PROVIDED BELOW FOR THE FOLLOWING PROBLEM(S)
 
-Refer to Exhibit 2.1. What is the tax liability for a single individual with taxable income of $85,000?
A) $23,800 
B) $18,427 
C) $24,958 
D) $16,867 
E) $19,650

Quizplus · Accepted Answer

The tax liability for a single individual with a taxable income of $85,000 falls within the tax brackets provided by the IRS. To calculate the exact amount, one would typically reference the current tax brackets and apply the appropriate rates to the portions of income that fall within those brackets. Without the specific tax brackets and rates provided in the question, the correct answer is based on the assumption that the individual has calculated their taxes according to the most recent tax laws and rates. Given the options, $18,427 is the most plausible amount based on typical progressive tax systems where higher income levels are taxed at higher rates.