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\begin{tabular}{|c|c|}
\hline If Taxable Income Is Between: & Then the Tax Due Is: \\
\hline \[tex]$0-\$[/tex]9,700 & 10\% of taxable income \\
\hline \[tex]$9,701-\$[/tex]39,475 & \[tex]$970 + 12\% of the amount over \$[/tex]9,700 \\
\hline \[tex]$39,476-\$[/tex]84,200 & \[tex]$4,543 + 22\% of the amount over \$[/tex]39,475 \\
\hline \[tex]$84,201-\$[/tex]160,725 & \[tex]$14,382.50 + 24\% of the amount over \$[/tex]84,200 \\
\hline \[tex]$160,726-\$[/tex]204,100 & \[tex]$32,748.50 + 32\% of the amount over \$[/tex]160,725 \\
\hline \[tex]$204,101-\$[/tex]510,300 & \[tex]$46,628.50 + 35\% of the amount over \$[/tex]204,100 \\
\hline \[tex]$510,301 and above & \$[/tex]153,798.50 + 37\% of the amount over \[tex]$510,300 \\
\hline
\end{tabular}

Clara's taxable income is \$[/tex]72,000. How much will she pay in federal income taxes?

Enter your answer using dollars and cents, such as: \$42,536.00

Sagot :

GinnyAnsweridn
To determine how much Clara will pay in federal income taxes given her taxable income of [tex]$72,000, we will use the provided tax brackets and apply them sequentially: 1. Income between $[/tex]0 and [tex]$9,700: - Tax rate: 10% - Tax: \( 0.1 \times 9,700 = 970 \) dollars 2. Income between $[/tex]9,701 and [tex]$39,475: - Tax rate: 12% - Amount over $[/tex]9,700: [tex]\( 39,475 - 9,700 = 29,775 \)[/tex]
- Tax: [tex]\( 0.12 \times 29,775 = 3,573 \)[/tex] dollars
- Cumulative tax: [tex]\( 970 + 3573 = 4,543 \)[/tex] dollars

3. Income between [tex]$39,476 and $[/tex]84,200:
- Tax rate: 22%
- Clara's income falls into this bracket up to [tex]$72,000. We need to compute tax for the portion of income in this range. - Amount over $[/tex]39,475: [tex]\( 72,000 - 39,475 = 32,525 \)[/tex]
- Tax: [tex]\( 0.22 \times 32,525 = 7,155.5 \)[/tex] dollars
- Cumulative tax: [tex]\( 4,543 + 7155.5 = 11,698.5 \)[/tex] dollars

Since Clara's taxable income does not fall into any higher tax brackets, her total federal income tax is the cumulative amount calculated:

Total Federal Income Tax: [tex]$11,698.50 So, Clara will pay $[/tex]11,698.50 in federal income taxes.
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