3 HW $$ 1 \leftarrow $$ Use the portion of the Income Tax Table to find the federal income tax where taxable income is $$ \$ 40,098 $$ and the filing status is "Single." Click here to view the portion of the Income Tax Table. The federal income tax is $$ \$ \square $$.

Question

UpStudy AI · Accepted Answer

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:

1. **10% on the first $11,000:**
   $$
   11,000 \times 0.10 = 1,100
   $$

2. **12% on the income from $11,001 to $40,098:**
   $$
   40,098 - 11,000 = 29,098
   $$
   $$
   29,098 \times 0.12 = 3,491.76
   $$

3. **Total tax:**
   $$
   1,100 + 3,491.76 = 4,591.76
   $$

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 $$ \$ 4,591.76 $$.
The federal income tax for a taxable income of $40,098 as a single filer is approximately $4,591.76.

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 .

Upstudy AI Solution

Answer

Solution

Bonus Knowledge

Related Questions

Latest Economics Questions

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 .