Question

Using the tax table, determine the amount of taxes for the following situations: (Do not round intermediate calculations. Round your answers to 2 decimal places.)


a. A head of household with taxable income of $58,500.



b. A single person with taxable income of $36,400.



c. Married taxpayers filing jointly with taxable income of $72,700.

Answer 1

Hello there!

In your question, we need to find the percentage of tax someone is being taxed from their taxable income.

Answer: A). 25% B). 15% C). 15%

In order to find the percent of tax they're being taxed, we would need to use the table that you've provided.

Question A:

For question A, the key information we can grab from it is "a head of household" and "taxable income of "$58,500." With that information, we would go to the chart and find the right percentage. We would go in the heads of household column and find the taxable income rage. Once you did that, you would see that it's on the 25% tax rate.

Question B:

For question B, the key information we can grab from it is "a single person" and "taxable income of $36,400." With that information, we would go to the chart and find the right columns for it. We would go to the single person column and find the right income. Once you did that, you would see that it would fall under the 15% tax rate.

Question C:

For question B, the key information we can grab from it is "married tax payers" and "taxable income of $72,700." With that information, we would go to the chart and find the right columns for it. We would go to the single person column and find the right income. Once you did that, you would see that it would fall under the 15% tax rate.

Answer 2

Tax is defined as the mandatory financial charge imposed on a taxpayer by a governmental organization to fun government and public expenditures.

Calculation for Tax rate

The tax rate for the given income can be calculated as:

1. Given, the taxable income of the head of household is $58,500.

The tax imposed can be calculated as:

$\rm Tax Amount &= Taxable \;Income \times Tax Rate \\\\\rm Tax Amount &= \dfrac{58,500 \times 25}{100}\\\\\rm Tax Amount &= \ 14,625$

2. Given, the taxable income of the head of household is $36,400

The tax imposed can be calculated as:

$\rm Tax Amount &= Taxable Income \times Tax Rate \\\\\rm Tax Amount &= \dfrac{36,400\;\times\;15}{100} \\\\\rm Tax Amount &= \ 5460$

3. Given, the taxable income of the head of household is $72,700.

The tax imposed can be calculated as:

$\rm Tax \;Amount = Taxable \;Income \times Tax \;Rate \\\\\rm Tax \;Amount = \dfrac{72,700\;\times\;15}{100} \\\\Tax\;Amount=\ 10,905$

Thus, the tax rate for a single head and married couple filling jointly varies, and the amount of taxable value is also calculated.

Learn more about Tax Rate here:

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