Question

A person filing his federal income tax return with the Single filing status had a taxable income of $168,050. According to the table below, how much of that income will he have left over after paying his federal income tax.

A. $144,026.00
B. $24,024.00
C. $127,276.00
D. $40,774.00

Answer 1

Answer:

The correct option is:  C. $127,276.00

Step-by-step explanation:

The amount of taxable income is $168,050

So, the taxable income is in the range 82,250-171,550.

That means, there will be $16,750 fixed tax and additional 28% tax on the amount over 82,250.

So, the amount over 82,250 is:  $\ (168050-82250)= \ 85800$

Thus, the additional tax $=(\ 85800*0.28)=\ 24024$

So, the total federal income tax will be: $\ 16750+\ 24024=\ 40774$

Thus, the income that he will have left over after paying his federal income tax $=\ 168050-\ 40774= \ 127276$

Answer 2

Answer:

C.

Step-by-step explanation:

$127,276.00

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