Question

For a single taxpayer reporting a taxable income of $65,725, what is the tax due based on the provided tax brackets?

a) $10,684
b) $12,158
c) $12,170
d) $12,183

Answer 1

To determine the tax due for a taxable income of $65,725, we must use the actual tax brackets and rates for that year. We would work through each tax bracket, calculating the tax due on the income within that bracket, and then sum these amounts to get the total tax due. Since we don't have the specific tax brackets, we cannot identify the exact tax due from the options provided.

Step-by-step explanation:

To calculate the tax due for a single taxpayer with a taxable income of $65,725, we need to apply the progressive tax system as outlined in the examples. While we don't have the specific tax brackets for this question, I will demonstrate how the calculation would work using the example brackets and then apply the principles to the given income.

Firstly, using the example provided:

• Income from $0 to $9,075 is taxed at 10%
• Income from $9,075 to $36,900 is taxed at 15%
• Income beyond $36,900 is taxed at the next marginal rate, assumed to be 25% in the example (or whatever the next bracket in the actual table specifies).

Let’s apply this to the taxable income of $65,725:

1. Calculate the tax on the income within each bracket.
2. Add the tax calculated for each bracket together for the total tax due.

The actual tax brackets and rates must be known to perform an accurate calculation. However, without the actual brackets for the income level of $65,725, we cannot determine the exact tax due. Assuming the above marginal rates, the taxpayer would pay 10% on the first portion, 15% on the second, and so on.

If we had the correct threshold amounts and percentages, we would follow a similar approach:

1. Tax on the amount within the first bracket at 10%.
2. Tax on the amount within the second bracket at 15%.
3. Continue this pattern through all the brackets that the income falls into.
4. Add these amounts together to get the total tax. This total would match one of the answer choices provided (a, b, c, or d).

Without the specific tax brackets, it is better to refer to the IRS tax tables or the tax legislation for the year in question to get the exact tax due numbers.