Question

Tax bracket marginal tax rate

$0-$10,275 10%
$10,276-$41,175 12%
$41,176-$89,075 22%
$89,076-$170,050 24%
$170,051-$215,950 32%
$215,951-$539,900 35%
> $539,901 37%

determine the amount of taxes owed on a taxable income of $59,260.
a. $8,714.20
b. $5,926.00
c. $14,222.40
d. $13,037.20

Answer 1

To determine the amount of taxes owed on a taxable income of $59,260, multiply the income by the marginal tax rate of 22%. The correct answer is d. $13,037.20.

Step-by-step explanation:

To determine the amount of taxes owed on a taxable income of $59,260, we need to find the tax rate applicable to that income and calculate the taxes accordingly.

Looking at the tax bracket information given, the income of $59,260 falls within the range of $41,176-$89,075, which has a marginal tax rate of 22%.

To calculate the amount of taxes owed, we multiply the taxable income ($59,260) by the marginal tax rate (22%).

So, the amount of taxes owed on a taxable income of $59,260 is $59,260 x 0.22 = $13,037.20. Therefore, the correct answer is d. $13,037.20.