Use the following data to calculate the tax amount of a single taxpayer. Gross income = $48,000 Above the line deducti
Posted: Thu May 19, 2022 3:46 pm
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
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