Question

Thomas’s gross salary in 2017 was $68,000. If he qualifies for an $8,350 exemption when filing his taxes, how much does he owe for the year in federal income taxes? (Section 4.6 and 4.7) (1 point)

Answer 1

Answer: $14,912.5

Explanation:

given data:

thomas salary in 2017 = $68,000

exemption = $8,350

solution:

thomas taxable income

= salary in 2017 - tax exemptions

= $68,000 - $8350

= $59,560

federal income tax = 25%

= 0.25 * $59,560

= $14,912.5

thomas Owe’s $14,912.5 in federal Income tax at the end of the year.