Question

jayde had $33,000 of taxable income in 2023. based on the table, how much federal income tax will jayde owe in 2023? marginal tax rates for 2023 10% on the first $11,000 of income 12% on taxable income over $11,000 to $44,725 22% on taxable income over $44,725 to $95,375 24% on taxable income over $95,375 to $182,100 32% on taxable income over $182,100 to $231,250 35% on taxable income over $231,250 to $578,125 37% on taxable income over $578,125 $3,740 $3,660 $4,864 $9,864 question 4

Explanation:

Step1: Calculate tax on first $11,000

Tax = $11,000 × 10% = $11,000 × 0.1 = $1,100

Step2: Calculate taxable income over $11,000

Income over $11,000 = $33,000 - $11,000 = $22,000

Step3: Calculate tax on income over $11,000

Tax = $22,000 × 12% = $22,000 × 0.12 = $2,640

Step4: Total tax

Total tax = $1,100 + $2,640 = $3,740

Wait, there's a mistake above. Wait, $33,000 - $11,000 is $22,000? Wait no, $33,000 - $11,000 is $22,000? Wait, $11,000 to $33,000 is $22,000? Wait, no, $33,000 - $11,000 = $22,000. Then 12% of $22,000 is $2,640. Then total tax is $1,100 + $2,640 = $3,740? But wait, let's check again. Wait, the tax brackets: first $11,000 at 10%, then from $11,001 to $44,725 at 12%. So Jayde's income is $33,000, so the amount over $11,000 is $33,000 - $11,000 = $22,000. So tax on first part: 11,000 * 0.1 = 1,100. Tax on second part: 22,000 * 0.12 = 2,640. Total: 1,100 + 2,640 = 3,740. But wait, the options include $3,740. Wait, but let me recalculate. Wait, 11,0000.1=1,100. 33,000-11,000=22,000. 22,0000.12=2,640. 1,100+2,640=3,740. So the answer should be $3,740.

Answer:

$3,740