Question

Lynn is a single mother with two children's . She qualifies to file as head of household her total income was $27267 last year how much will Lynn owe taxes

Answer 1

$3,078.04

Explanation:

-Given her income is $27,267, she falls under the 10% and 12% brackets with the following boundaries as attached.

-Her tax is then calculated as;

#10% bracket;

`Tax=Taxable \ Income * Tax \ Rate\\\\=9700* 10\%\\\\\\=\$970.00`

#12% Tax bracket:

`Tax=Taxable \ Income * Tax \ Rate\\\\=(27267-9700)* 12\%\\\\\\=\$2108.04`

The total tax=970+2108.04=$3,078.04

Hence, Lynn owes $3,078.04 in taxes.