The tax liability for a single individual with taxable income of $88,312 is:

Question

Quizplus · Accepted Answer

Using the 2020 tax tables, a taxpayer with taxable income of $88,312 falls in the 22% tax bracket. The tax liability can be calculated as follows: $9,875 (10% on first $9,875) + ($40,125 - $9,875) x 12% (12% on income between $9,875 and $40,125) + ($86,375 - $40,125) x 22% (22% on income between $40,125 and $86,375) + ($88,312 - $86,375) x 24% (24% on income above $86,375) = $17,853.

The Tax Liability for a Single Individual with Taxable Income