Final answer:
The tax liability for a single taxpayer with a gross income of $55,900 depends on the US federal tax code and tax brackets. Unfortunately, the provided information does not include the tax brackets for the current year. However, I can provide you with general information about how tax brackets work.
Step-by-step explanation:
The tax liability for a single taxpayer with a gross income of $55,900 depends on the US federal tax code and tax brackets. Unfortunately, the provided information does not include the tax brackets for the current year. However, I can provide you with general information about how tax brackets work. Tax brackets are ranges of income levels with corresponding tax rates. As your income increases, you move into a higher tax bracket and your marginal tax rate increases. The marginal tax rate is the tax rate applied to the last dollar earned.
Let's assume the tax brackets for this year are as follows:
- Income up to $20,000: taxed at 10%
- Income between $20,001 and $50,000: taxed at 20%
- Income above $50,000: taxed at 30%
To calculate the tax liability for a single taxpayer with a gross income of $55,900, we would follow these steps:
- Determine the income that falls within each tax bracket. In this case, $20,000 would be taxed at 10%, $30,000 ($50,000 - $20,000) would be taxed at 20%, and $5,900 ($55,900 - $50,000) would be taxed at 30%.
- Multiply the income in each bracket by the corresponding tax rate.
- Add up the resulting tax amounts from each bracket.
Applying this calculation to the provided gross income of $55,900, the tax liability would be:
- $20,000 x 10% = $2,000
- $30,000 x 20% = $6,000
- $5,900 x 30% = $1,770
- Total tax liability: $2,000 + $6,000 + $1,770 = $9,770.
Please note that this is a simplified example, and the actual tax liability may vary based on the specific tax brackets for the year in question.