Question
3 HW
Use the portion of the Income Tax Table to find the federal income tax where taxable income is
and the filing status is “Single.”
Click here to view the portion of the Income Tax Table.
The federal income tax is
.
Click here to view the portion of the Income Tax Table.
The federal income tax is
Ask by Park Sandoval. in the United States
Dec 06,2024
Upstudy AI Solution
Tutor-Verified Answer
Answer
The federal income tax for a taxable income of $40,098 as a single filer is approximately $4,591.76.
Solution
To calculate the federal income tax for a taxable income of $40,098 with a filing status of “Single,” we would typically refer to the IRS Income Tax Table for the relevant year. However, since I don’t have access to the specific table you mentioned, I can provide a general approach based on the tax brackets for the 2023 tax year.
For the 2023 tax year, the tax brackets for a single filer are as follows:
- 10% on income up to $11,000
- 12% on income over $11,000 and up to $44,725
- 22% on income over $44,725 and up to $95,375
Given that your taxable income is $40,098, we can break it down as follows:
-
10% on the first $11,000:
-
12% on the income from $11,001 to $40,098:
-
Total tax:
Therefore, the federal income tax for a taxable income of $40,098 for a single filer is approximately $4,591.76.
So, the answer is:
The federal income tax is .
The federal income tax is
Answered by UpStudy AI and reviewed by a Professional Tutor
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Bonus Knowledge
To find the federal income tax for a taxable income of $40,098 with a filing status of “Single,” you would refer to the specific entries in the Income Tax Table. Typically, the tax for this income bracket would be a combination of a fixed tax amount plus a percentage of the income exceeding the lower threshold of that bracket.
Taxes can be a bit tricky, but there are a few tips you can keep in mind when navigating tax tables. First, always make sure you are looking at the correct bracket based on your income level. Secondly, double-check the income cutoffs, as they can change with each tax year. Lastly, remember to include any additional credits or deductions you might qualify for, as they can lower your overall tax liability significantly!
If you’re eager to learn more about how to optimize your tax filing, consider exploring resources such as the IRS website or tax preparation guides available at local libraries. A solid understanding of tax laws, deductions, and credits can not only help you save money but also empower you to handle your finances more effectively in the long run!