Question: Use the following table to support your work. Table 1: 2023 Federal Tax Rate Schedule: Single Taxpayer If taxable income is over: But not over:
Use the following table to support your work. Table 1: 2023 Federal Tax Rate Schedule: Single Taxpayer If taxable income is over: But not over: The tax is: $0 $11,000 10% of taxable income 11,000 44,725 $1,100 plus 12% of the amount over $11,000 44,725 95,375 $5,147 plus 22% of the amount over $44,725 95,375 182,100 $16,290 plus 24% of the amount over $95,375 182,100 231,250 $37,104 plus 32% of the amount over $182,100 231,250 578,125 $52,832 plus 35% of the amount over $231,250 578,125 No Limit $174,238.25 plus 37% of the amount over $578,125 Questions For questions 1 and 2, assume that Soren is a single taxpayer. In 2023, he earned $195,000 in taxable income. 1. How much federal income tax will Soren owe (round final answer to the nearest dollar and use the rounded tax liability for part 2)? (25 points)
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
