The tax liability for a single individual with taxable income of $90,312 is:
A) $14,169.
B) $18,372.
C) $18,375.
D)$18,817.

Question

Quizplus · Accepted Answer

The tax liability can be calculated using the 2021 tax brackets and rates for single individuals. $90,312 falls into the 24% tax bracket. The tax liability can be calculated as follows:
$9,950 at 10% = $995
$30,525 at 12% = $3,663
$45,200 at 22% = $9,944
$4,637 at 24% = $1,113
Total tax liability = $14,715 - $3,340 (tax credit for a single individual) = $11,375
Therefore, the correct answer is option C, with a tax liability of $18,375.

The Tax Liability for a Single Individual with Taxable Income