Problem 1-44 (LO 1-4)
Cameron is single and has taxable income of $84,192. Determinehis tax liability. (Round your intermediate computationsand final answers to 2 decimal places.)
Use the appropriate Tax Tables and Tax Rate Schedules.
a. Tax liability using Tax Tables__________
b. Tax liability using Rate Schedule __________
Tax Table
Taxable income is –
At least But less than Single
84,150 84,200 16,815
Tax Rate Schedules.
Schedule X-Singl
If taxable
Income is over: But not over: Thetax is:
$0 $9,275 10% of taxable income
$9,275 $37,650 $927.50 plus 15% of the excess over$9,275
$37,650 $91,150 $5,183.75plus 25% of the excess over $37,650
$91,150 $190,150 $18,558.75plus 28% of the excess over $91,150
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