Table 1.2
Use the following tax rates and income brackets for 2015 to answer the following question(s).
-Josh earned $82,500 in taxable income, all from wages and interest, and files an individual tax return.What is the amount of Josh's taxes for the year 2015? Round to the nearest dollar.

Question

Table 1.2
Use the following tax rates and income brackets for 2015 to answer the following question(s). 
-Josh earned $82,500 in taxable income, all from wages and interest, and files an individual tax return.What is the amount of Josh's taxes for the year 2015? Round to the nearest dollar.

Quizplus · Accepted Answer

For 2015, the U.S. federal income tax brackets for a single filer are: 10% on income up to $9,225, 15% on income over $9,225 up to $37,450, 25% on income over $37,450 up to $90,750. Calculating Josh's taxes: 10% of $9,225 = $922.50, 15% of ($37,450 - $9,225) = $4,233.75, 25% of ($82,500 - $37,450) = $11,325. Total tax = $922.50 + $4,233.75 + $11,325 = $16,481.25, rounded to $16,481.

Table 1.2 Use the Following Tax Rates and Income Brackets for 2015