Question

HELP FASTT!!!!

Ms. Mason is a kindergarten teacher whose gross income last year was $34,200. She made a $2000 contribution to an IRA. If she takes a standard deduction of $5700, claims only herself as an exemption for $3650, and she makes no further adjustment to her income, find the amount of taxes she has to pay.

Answer 1

To calculate the amount of taxes Ms. Mason has to pay, we need to subtract her deductions and exemptions from her gross income. Her taxable income would be $25,850. Assuming a tax rate of 15%, Ms. Mason has to pay $3877.50 in taxes.

Step-by-step explanation:

To calculate the amount of taxes Ms. Mason has to pay, we need to subtract her deductions and exemptions from her gross income. Her deductions include the standard deduction of $5700 and her exemption of $3650. So, her taxable income would be:

Taxable income = Gross income - Deductions - Exemptions

Taxable income = $34,200 - $5700 - $3650 = $25,850

Now, we can use the tax rate to calculate the taxes owed. Assuming a tax rate of 15%, the amount of taxes she has to pay would be:

Taxes = Taxable income * Tax rate = $25,850 * 0.15 = $3877.50

Therefore, Ms. Mason has to pay $3877.50 in taxes.