Question

Cameron is single and has taxable income of $58,046.

Required:
Determine his tax liability using the Tax Tables and using the Tax Rate Schedules.

Answer 1

Cameron

Cameron's tax liability for the year as a single taxpayer is

= $12,770.12.

Step-by-step explanation:

a) Data and Calculations:

Taxable income = $58,046

Tax rate = 22%

Tax liability = $12,770.12 ($58,046 * 22%)

b) The amount of tax that Cameron, who is within the 22% tax rate bracket, will pay to the IRS is $12,770.12. The tax liability represents the amount of tax that is due to be paid for his taxable income of $58,046 at the tax rate of 22%.