Question

Nathan is married, filing jointly, has a gross income of $59,300, adjustments of $2460, 2 exemptions of $24,800, and deductions of $16,500. How much is his tax?

Option 1: $1553
Option 2: $1666
Option 3: $2062
Option 4: $2260

Answer 1

To calculate Nathan's tax, subtract his deductions and exemptions from his adjusted gross income to find his taxable income. Then use the tax schedule to calculate the tax owed.

Step-by-step explanation:

To calculate Nathan's tax, we need to determine his taxable income first. Taxable income is calculated by subtracting deductions and exemptions from adjusted gross income. In this case, Nathan's adjusted gross income is $59,300, adjustments are $2,460, exemptions are $24,800, and deductions are $16,500.

So, taxable income = adjusted gross income - (deductions + exemptions) = $59,300 - ($16,500 + $24,800) = $17,000.

To calculate the tax, we need to use the tax schedule for the given taxable income. Unfortunately, the tax schedule is not provided in the question. However, you can find the tax schedule for the current year on the IRS website. Once you have the tax schedule, you can calculate the tax owed by multiplying the taxable income by the corresponding tax rate.