The tax liability for a single taxpayer with taxable income of $67,350 is:
A) $12,700.
B) $10,103.
C) $12,638.
D)$12,625.

Question

Quizplus · Accepted Answer

To calculate the tax liability for a single taxpayer, we need to use the tax tables provided by the IRS. According to the 2020 tax tables, a single taxpayer with taxable income of $67,350 falls in the 22% tax bracket. The tax liability is calculated as follows:
$9,875 (tax on income up to $9,875 at 10%) +
$30,250 (tax on income from $9,876 to $40,125 at 12%) +
$22,225 (tax on income from $40,126 to $67,350 at 22%) = $12,638. Therefore, the correct answer is C.

The Tax Liability for a Single Taxpayer with Taxable Income