Question

Using the following tax table, how much would a single taxpayer owe on a taxable income of $78,000?Tax RateSingle or Married Filing SeparatelyMarried Filing JointlyHead of Household10%up to $9,875up to $19,750up to $14,10012%$9,875 to $40,125$19,750 to $80,250$14,100 to $53,70022%$40,125 to $85,525$80,250 to $171,050$53,700 to $85,50024%$85,525 to $163,300$171,050 to $326,600$85,500 to $163,30032%$163,300 to $207,350$326,600 to $414,700$163,300 to $207,35035%$207,350 to $518,400$414,700 to $622,050$207,350 to $518,40037%more than $518,400more than $622,050more than $518,400Standard Deduction$12,400$24,800$18,650$

Answer 1

We are given that the income of a single person is $78000. Since the person is single and the income is between $40125 and $85525 the tax rate is 22%. This means that the income tax is 22% of the $78000. We determine this value using the following relationship:

`78000*(22)/(100)=17160`

Therefore, the amount owed is $17160.