Based on the information provided, we'll need to use the tax rates for the 2021 tax year. Here are the tax brackets and rates for a single filer:
10% on taxable income up to $9,950
12% on taxable income over $9,950 up to $40,525
22% on taxable income over $40,525 up to $86,375
24% on taxable income over $86,375 up to $164,925
32% on taxable income over $164,925 up to $209,425
35% on taxable income over $209,425 up to $523,600
37% on taxable income over $523,600
To calculate the additional tax owed if the taxable income increases by $14,300, we need to first determine which tax bracket the new income falls into.
The current taxable income of $94,200 falls into the 24% tax bracket. Adding $14,300 to this income gives us a new taxable income of $108,500. This falls into the 24% tax bracket as well.
To calculate the additional tax owed, we need to find the difference between the tax on the new income of $108,500 and the tax on the original income of $94,200.
Tax on $94,200: $14,605 (10% on first $9,950, 12% on next $30,575, 22% on remaining $53,675)
Tax on $108,500: $19,283 (10% on first $9,950, 12% on next $30,575, 22% on next $45,850, 24% on remaining $22,125)
The difference is $4,678, which represents the additional tax owed if the taxable income increases by $14,300.