use the 2024 marginal tax rates in the table below to calculate federal income tax for a single individual…

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 15,850.\n2024 irs marginal tax rates\nbracket tax rate single married filing separately married filing jointly head of household\nunmarried, 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\n1 10% up to $11,600 up to $11,600 up to $23,200 up to $16,550\n2 12% $11,601 to $47,150 $11,601 to $47,150 $23,201 to $94,300 $16,551 to $63,100\n3 22% $47,151 to $100,525 $47,151 to $100,525 $94,301 to $201,050 $63,101 to $100,500

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 15,850.\n2024 irs marginal tax rates\nbracket tax rate single married filing separately married filing jointly head of household\nunmarried, 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\n1 10% up to $11,600 up to $11,600 up to $23,200 up to $16,550\n2 12% $11,601 to $47,150 $11,601 to $47,150 $23,201 to $94,300 $16,551 to $63,100\n3 22% $47,151 to $100,525 $47,151 to $100,525 $94,301 to $201,050 $63,101 to $100,500

Answer

Explanation:

Step1: Identify the tax - brackets

The individual is single with a taxable income of $15,850$. The first $11,600$ is taxed at 10% and the amount above $11,600$ is taxed at 12%.

Step2: Calculate tax for the first bracket

The tax on the first $11,600$ is $11600\times0.10 = 1160$.

Step3: Calculate the amount in the second bracket

The amount in the second bracket is $15850 - 11600=4250$.

Step4: Calculate tax for the second bracket

The tax on the amount in the second bracket is $4250\times0.12 = 510$.

Step5: Calculate the total tax

The total federal income tax is $1160 + 510=1670$.

Answer:

$1670$