Question

1.) tax rates are 10% up to $11,000, 12% from $11,001 up to $44,725, and 22% from $44,726 up to $95,375. you earned $71,000 last year. what is your total federal tax due (ignoring the standard deduction)? (10 points)

Explanation:

Step1: Calculate tax for first bracket

The first bracket is up to $11,000 at 10%. So tax here is $11,000 * 10% = $11,000 * 0.1 = $1,100.

Step2: Calculate tax for second bracket

The second bracket is from $11,001 to $44,725. The amount in this bracket is $44,725 - $11,000 = $33,725. Tax rate is 12%, so tax is $33,725 * 0.12 = $4,047.

Step3: Calculate tax for third bracket

The third bracket is from $44,726 to $95,375. Your income is $71,000, so the amount in this bracket is $71,000 - $44,725 = $26,275. Tax rate is 22%, so tax is $26,275 * 0.22 = $5,780.5.

Step4: Sum up all taxes

Total tax = $1,100 + $4,047 + $5,780.5 = $10,927.5.

Answer:

$10,927.5