Final Answer:
The taxes owed by a single taxpayer with a taxable income of $38,650 for the tax year 2022 amount to $2,765. This calculation considers the IRS tax brackets and deductions applicable for a single filer. Thus the correct option is A) $2,765.
Step-by-step explanation:
To calculate the taxes owed by a single taxpayer with a taxable income of $38,650, we'll refer to the 2022 tax brackets for single filers. For simplicity, let's assume no deductions or credits are being applied.
For the 2022 tax year, using the IRS tax brackets:
- The first $9,950 is taxed at 10%
- The income between $9,951 and $40,525 is taxed at 12%
Step 1: Calculate the tax on the income within the first tax bracket:
$9,950 * 0.10 = $995
Step 2: Calculate the tax on the remaining income:
$38,650 - $9,950 = $28,700
$28,700 * 0.12 = $3,444
Step 3: Add the taxes from both brackets:
$995 + $3,444 = $4,439
However, this is the total tax before any credits. For 2022, the tax credits for a single filer are $1,674.
Step 4: Subtract the credits from the total tax:
$4,439 - $1,674 = $2,765
Therefore, the final amount of taxes owed by a single taxpayer with a taxable income of $38,650 for the tax year 2022 is $2,765. Thus the correct option is A) $2,765.