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Using the tax table, determine the amount of taxes for the following situations: a. A head of...

Question:

Using the tax table, determine the amount of taxes for the following situations:

Rate on Taxable Income Single Taxpayers Married Taxpayers Filing Jointly Heads of Household
10% Up to $9,075 Up to $18,150 Up to $12,950
15 $9,076-$36,900 $18,151-$73,800 $12,951-$49,400
25 $36,901-$89,350 $73,801-$148,850 $49,401-$127,550
28 $89,351-$186,350 $148,851-$226,850 $127,551-$206,600
33 $186,351-$405,100 $226,851-$405,100 $206,601-$405,100
36 $45,101-$406,750 $405,101-$457,600 $405,101-$432,200
39.6 Over $406,751 Over $457,601 Over $432,201

a. A head of household with taxable income of $55,000

b. A single person with taxable income of $35,000

c. Married taxpayers filing jointly with a taxable income of $72,000

Show work to explain answers.

Marginal Tax Rate:

The United States has a marginal tax rate for individual income tax purposes. This means that a portions of your income are taxed in different tax brackets. If you make above a certain amount only the additional income will be taxed in the higher bracket.

Answer and Explanation:

  • To calculate the taxes for each situation listed below we must multiply the taxable income by the marginal tax rate. The first portion of the taxable...

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