Question

use the Table and example((worth 20 points very easy))Holly is filing as a single taxpayer with a taxable income of $40,300.Find her federal taxes due.

Answer 1

We have to find the federal taxes that should pay Holly, a single taxpayer.

In the single table, we see that the taxes due will be given by

`4,453.5+(22)/(100)\text{ of the amount above \$}38,700`

The amount is $40,300, and applying the formula we obtain:

`\begin{gathered} 4,453.5+(22)/(100)(40,300) \\ =4,453.5+8,866 \\ =13319.5 \end{gathered}`

This means that the federal taxes due of Holly is $13,319.5.