Question

Kristina paid mortgage interest of

$6,320.00 and Medical Expenses of
$$19,500.00 during 2022. Her
GROSS INCOME was $32,500.
17. Using the deduction that is
best for her, what are her federal
taxes owed for 2022. (She is a
single filer).

Answer 1

Explanation:

To calculate Kristina's federal taxes owed for 2022, we need to determine her taxable income first. To do this, we need to subtract her deductions from her gross income:

Gross Income = $32,500

Deductions = Mortgage Interest + Medical Expenses

Deductions = $6,320 + $19,500

Deductions = $25,820

Taxable Income = Gross Income - Deductions

Taxable Income = $32,500 - $25,820

Taxable Income = $6,680

Now, we can use the tax brackets and rates for single filers to determine Kristina's federal income tax liability for 2022. Based on the IRS tax tables for 2022, her tax liability would be calculated as follows:

The first $10,275 of taxable income is taxed at 10% = $1,027.50

The amount of taxable income over $10,275 but not over $41,775 is taxed at 12% = $601.20

Total Tax Liability = $1,027.50 + $601.20 = $1,628.70

Therefore, Kristina's federal taxes owed for 2022, using the deduction that is best for her, would be $1,628.70.

Answer 2

To determine Kristina's federal taxes owed for 2022, we need to calculate her taxable income and apply the appropriate tax rate based on the tax brackets for single filers.

From her gross income of $32,500, we need to subtract the deductions that she can claim. Based on the information provided, Kristina can claim either the standard deduction of $12,550 or itemize her deductions, which in her case would be $6,320 + $19,500 = $25,820.

Since the itemized deductions are greater than the standard deduction, we will use the itemized deductions to calculate her taxable income.

Kristina's taxable income would be:

Gross income - Itemized deductions = $32,500 - $25,820 = $6,680

Next, we need to determine which tax bracket Kristina falls into. For tax year 2022, the tax brackets and rates for single filers are:

- 10% on income up to $10,275

- 12% on income between $10,275 and $41,775

- 22% on income between $41,775 and $91,525

- 24% on income between $91,525 and $191,525

- 32% on income between $191,525 and $416,700

- 35% on income between $416,700 and $418,850

- 37% on income over $418,850

Since Kristina's taxable income of $6,680 falls into the 10% tax bracket, her federal tax liability would be:

$6,680 x 0.10 = $668.00

Therefore, Kristina's federal taxes owed for 2022, using the deduction that is best for her, would be $668.00.