Use the following data to calculate the tax amount of a single taxpayer. Gross income = $48,000 Above the line deducti

Business, Finance, Economics, Accounting, Operations Management, Computer Science, Electrical Engineering, Mechanical Engineering, Civil Engineering, Chemical Engineering, Algebra, Precalculus, Statistics and Probabilty, Advanced Math, Physics, Chemistry, Biology, Nursing, Psychology, Certifications, Tests, Prep, and more.
Post Reply
answerhappygod
Site Admin
Posts: 899603
Joined: Mon Aug 02, 2021 8:13 am

Use the following data to calculate the tax amount of a single taxpayer. Gross income = $48,000 Above the line deducti

Post by answerhappygod »

Use the following data to calculate the tax amount of a single
taxpayer.
Gross income = $48,000
Above the line deductions = $5,000
Itemized deductions = $38,000
Standard deductions = $21,000

2020 tax brackets (single)
10% : $0 to $9,875
12% : $9,876 to $40,125
22% : $40,126 to $85,525
24% : $85,526 to $163,300
32% : $163,301 to $207,350
35% : $207,351 to $518,400
37% : $518,401 or more
Join a community of subject matter experts. Register for FREE to view solutions, replies, and use search function. Request answer by replying!
Post Reply