Question

Determine the amount of taxes owed on a taxable income of $49,652. $4,735.38 $6,600.44 $7,709.92 $10,293.44

Answer 1

I believe the correct answer is $4,735.38.

Step-by-step explanation:

The marginal tax rate on this amount is 12%. You would be taxed $4,253 for the 2021 tax year, and $4.7k is way closer to this figure.

Total income tax for someone living in San Diego, CA would be $9,502. this would be pretty close to the $10.2k number, so it depends what it is asking. Just Federal tax, or Federal & State? If so, what state?

Answer 2

$6,600.44

Step-by-step explanation:

$49,652 is within the $41,176–$89,075 tax bracket. The marginal tax rate for this bracket is 22%.

First, you have to determine your taxable income. To do this, subtract the tax brackets.

Tax Bracket Taxable Income Solution

$0–$10,275: 10,275 $10,275 - $0 = $10,275

$10,276–$41,175 30,900 $41,175 - $10,276 = $30,900

$41,176–$89,075 8477 $49,652 - $41,176 = $8477

Next, multiply each taxable income with it's tax rate to get your taxes owed.

10% • 10,275 = 1027.5

12% • 30,900 = 3708

22% • 8477 = 1864.94

Now, add your taxes owed together.

1027.5 + 3708 + 1864.94 = $6600.44