Robert is a single taxpayer who has AGI of $145,000 in 2017;his taxable income is $122,000.What is his federal tax liability for 2017?

Question

Quizplus · Accepted Answer

To determine Robert's federal tax liability, we need to use the 2017 tax tables for single taxpayers. Based on his taxable income of $122,000, we can determine that he falls into the 28% tax bracket.

First, we calculate his tax liability using the 2017 tax brackets and rates:

- $9,325 at 10% = $932.50
- $28,624 at 15% = $4,293.60
- $53,950 at 25% = $13,487.50
- $29,101 at 28% = $8,152.28

Adding these amounts together, we get a total tax liability of $27,866.88. However, Robert may be eligible for some deductions and tax credits that could lower his tax liability.

Assuming Robert takes the standard deduction of $6,350 and has no dependents, his total tax liability would be $27,141.75. Therefore, the best answer is C ($27,141.75).

Robert Is a Single Taxpayer Who Has AGI of $145,000