question 9 (6.6 points) use the 2024 marginal tax rates in the table below to calculate federal income tax…

question 9 (6.6 points) use 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 92,350. 2024 irs marginal tax rates
Answer
Explanation:
Step1: Identify tax - brackets for single filers
For a single filer, the first $11600$ is taxed at 10%. The amount in this bracket is $11600$. The remaining income is $92350 - 11600=80750$.
Step2: Determine the next - bracket
The next bracket for single filers is from $11601$ to $44725$ and is taxed at 12%. The amount in this bracket is $44725 - 11600 = 33125$. The remaining income is $80750-(44725 - 11600)=47625$.
Step3: Determine the third - bracket
The next bracket for single filers is from $44726$ to $95375$ and is taxed at 22%. The amount in this bracket for our income of $92350$ is $92350 - 44725=47625$.
Step4: Calculate the tax for each bracket
For the first bracket: $11600\times0.1 = 1160$. For the second bracket: $33125\times0.12=3975$. For the third bracket: $47625\times0.22 = 10477.5$.
Step5: Sum up the taxes
The total federal income tax is $1160+3975 + 10477.5=15612.5$.
Answer:
$15612.5$