based on the tax brackets, whats the estimated total tax due for a single taxpayer with a taxable income of…

based on the tax brackets, whats the estimated total tax due for a single taxpayer with a taxable income of $43,500?\nsingle taxpayers: income brackets\ntax rate income bracket\n10% 0 to 9,525\n12% 9,526 to 38,700\n22% 38,701 to 82,500\n24% 82,501 to 157,500\n32% 157,501 to 200,000\n35% 200,001 to 500,000\n37% > 500,000\na. $4,293.60\nb. $4,557.00\nc. $5,509.50\nd. $9,570.75

based on the tax brackets, whats the estimated total tax due for a single taxpayer with a taxable income of $43,500?\nsingle taxpayers: income brackets\ntax rate income bracket\n10% 0 to 9,525\n12% 9,526 to 38,700\n22% 38,701 to 82,500\n24% 82,501 to 157,500\n32% 157,501 to 200,000\n35% 200,001 to 500,000\n37% > 500,000\na. $4,293.60\nb. $4,557.00\nc. $5,509.50\nd. $9,570.75

Answer

Explanation:

Step1: Calculate tax for first - bracket

The first - bracket is 0 to 9,525 at a 10% rate. Tax for this bracket is $9525\times0.1 = 952.5$.

Step2: Calculate tax for second - bracket

The second - bracket is 9,526 to 38,700 at a 12% rate. The amount in this bracket is $38700 - 9526+1=29175$. Tax for this bracket is $29175\times0.12 = 3501$.

Step3: Calculate tax for third - bracket

The income of 43,500 is in the third bracket. The amount in the third bracket is $43500 - 38700 = 4800$. Tax for this part is $4800\times0.22=1056$.

Step4: Calculate total tax

Total tax = $952.5+3501 + 1056=5509.5$.

Answer:

C. $5,509.50