..continued from the last question... timothy has an adjusted gross income of $48,000. he is single with no…

..continued from the last question... timothy has an adjusted gross income of $48,000. he is single with no children. he takes the standard deduction of $14,600. what is his marginal tax rate? single person - if the amount of wages (after subtracting the standard deduction) is: over but not over - the amount of income tax to withhold is : standard deduction: $14,600 of excess over- $0 $11,600.. $0.00 plus 10% $0 $11,600 $47,150.. $1,160.00 plus 12% $11,600 $47,150 $100,525.. $5,426.00 plus 22% $47,150 $100,525 $191,950.. $17,168.50 plus 24% $100,525 $191,950 $243,725.. $39,110.50 plus 32% $191,950 $243,725 $609,350.. $55,678.50 plus 35% $243,725 $609,350 and up.. $183,647.25 plus 37% $609,350 use the tax rate schedule to determine which row describes the tax calculations.

..continued from the last question... timothy has an adjusted gross income of $48,000. he is single with no children. he takes the standard deduction of $14,600. what is his marginal tax rate? single person - if the amount of wages (after subtracting the standard deduction) is: over but not over - the amount of income tax to withhold is : standard deduction: $14,600 of excess over- $0 $11,600.. $0.00 plus 10% $0 $11,600 $47,150.. $1,160.00 plus 12% $11,600 $47,150 $100,525.. $5,426.00 plus 22% $47,150 $100,525 $191,950.. $17,168.50 plus 24% $100,525 $191,950 $243,725.. $39,110.50 plus 32% $191,950 $243,725 $609,350.. $55,678.50 plus 35% $243,725 $609,350 and up.. $183,647.25 plus 37% $609,350 use the tax rate schedule to determine which row describes the tax calculations.

Answer

Explanation:

Step1: Calculate taxable income

First, find Timothy's taxable income by subtracting the standard - deduction from the adjusted gross income. Taxable income = Adjusted gross income−Standard deduction. So, Taxable income = $48000 - 14600=33400$.

Step2: Determine the tax - bracket

Look at the tax - rate schedule for single filers. Since $11600<33400<47150$, the marginal tax rate for income in this range is 12%.

Answer:

12%