question 24 (3.3 points)\nuse the 2024 marginal tax rates in the table below to calculate federal income tax…

question 24 (3.3 points)\nuse the 2024 marginal tax rates in the table below to calculate federal income tax for a single individual with no dependents and a taxable income of 224,500.\n2024 irs marginal tax rates\n| bracket | tax rate | single | married filing separately | married filing jointly | head of household |\n| ---- | ---- | ---- | ---- | ---- | ---- |\n| | | unmarried, divorced, or legally separated | married and each partner files a separate tax return | married and both partners file a single tax return | unmarried and paying more than half the cost of supporting a child or parent |\n| 1 | 10% | up to $11,600 | up to $11,600 | up to $23,200 | up to $16,550 |\n| 2 | 12% | $11,601 to $47,150 | $11,601 to $47,150 | $23,201 to $94,300 | $16,551 to $63,100 |\n| 3 | 22% | $47,151 to $100,525 | $47,151 to $100,525 | $94,301 to $201,050 | $63,101 to $100,500 |\n| 4 | 24% | $100,526 to $191,950 | $100,526 to $191,950 | $201,051 to $383,900 | $100,501 to $191,950 |\n| 5 | 32% | $191,951 to $243,725 | $191,951 to $243,725 | $383,901 to $487,450 | $191,951 to $243,700 |\n| 6 | 35% | $243,726 to $609,350 | $243,726 to $365,600 | $487,451 to $731,200 | $243,701 to $609,350 |\n| 7 | 37% | more than $609,350 | more than $365,600 | more than $731,200 | more than $609,350 |\nenter the dollar amount rounded to the nearest cent.\nyour answer:\nanswer

question 24 (3.3 points)\nuse the 2024 marginal tax rates in the table below to calculate federal income tax for a single individual with no dependents and a taxable income of 224,500.\n2024 irs marginal tax rates\n| bracket | tax rate | single | married filing separately | married filing jointly | head of household |\n| ---- | ---- | ---- | ---- | ---- | ---- |\n| | | unmarried, divorced, or legally separated | married and each partner files a separate tax return | married and both partners file a single tax return | unmarried and paying more than half the cost of supporting a child or parent |\n| 1 | 10% | up to $11,600 | up to $11,600 | up to $23,200 | up to $16,550 |\n| 2 | 12% | $11,601 to $47,150 | $11,601 to $47,150 | $23,201 to $94,300 | $16,551 to $63,100 |\n| 3 | 22% | $47,151 to $100,525 | $47,151 to $100,525 | $94,301 to $201,050 | $63,101 to $100,500 |\n| 4 | 24% | $100,526 to $191,950 | $100,526 to $191,950 | $201,051 to $383,900 | $100,501 to $191,950 |\n| 5 | 32% | $191,951 to $243,725 | $191,951 to $243,725 | $383,901 to $487,450 | $191,951 to $243,700 |\n| 6 | 35% | $243,726 to $609,350 | $243,726 to $365,600 | $487,451 to $731,200 | $243,701 to $609,350 |\n| 7 | 37% | more than $609,350 | more than $365,600 | more than $731,200 | more than $609,350 |\nenter the dollar amount rounded to the nearest cent.\nyour answer:\nanswer

Answer

Explanation:

Step1: Calculate tax for first - bracket

The first - bracket is 10% on income up to $11,600. The tax for this bracket is $11,600\times0.10 = 1160$.

Step2: Calculate tax for second - bracket

The second - bracket is 12% on income from $11,601$ to $47,150$. The amount in this bracket is $47,150 - 11,601+1=35,550$. The tax for this bracket is $35,550\times0.12 = 4266$.

Step3: Calculate tax for third - bracket

The third - bracket is 22% on income from $47,151$ to $100,525$. The amount in this bracket is $100,525 - 47,151 + 1=53,375$. The tax for this bracket is $53,375\times0.22=11742.5$.

Step4: Calculate tax for fourth - bracket

The fourth - bracket is 24% on income from $100,526$ to $191,950$. The amount in this bracket is $191,950 - 100,526+1 = 91,425$. The tax for this bracket is $91,425\times0.24 = 21942$.

Step5: Calculate tax for fifth - bracket

The fifth - bracket is 32% on income from $191,951$ to $224,500$. The amount in this bracket is $224,500 - 191,951+1=32,550$. The tax for this bracket is $32,550\times0.32 = 10416$.

Step6: Calculate total tax

The total tax is the sum of the taxes from each bracket: $1160+4266 + 11742.5+21942+10416=49526.5$.

Answer:

$49,526.50$