Final answer:
To determine the tax liability of a single person with a taxable income of $59,200, one should apply the marginal tax rates to each portion of the income within the federal tax brackets and sum them. However, the exact tax cannot be calculated without the current tax table.
Step-by-step explanation:
Understanding Marginal Tax Rates and Tax Liability
To calculate the tax liability of a single person with a taxable income of $59,200, we need to understand how the marginal tax rate works in the United States. Taxable income is the amount of income that is subject to tax, after deductions and exemptions. The tax code involves multiple tax brackets, each with its own tax rate. As income rises through the brackets, it is taxed at higher marginal rates.
For our example, the marginal tax rates for a single taxpayer might be something like this:
- 10% on income from $0 to $9,075
- 15% on income from $9,076 to $36,900
- 25% on income from $36,901 to some higher amount
However, without the current year's tax table, we cannot calculate the exact tax liability for an income of $59,200. Typically, the tax would be determined by applying these rates to the respective portions of the individual's income that fall within each bracket, adding them up to find the total tax liability.