question 7 (6.8 points) use the 2024 marginal tax rates in the table below to calculate federal income tax…

question 7 (6.8 points) use the 2024 marginal tax rates in the table below to calculate federal income tax for a single individual with no dependents and a taxable income of 218,400. 2024 irs marginal tax rates bracket tax rate single married filing separately married filing jointly head of household unmarried, divorced, or legally separated married and each partner files a separate tax return married and both partners file a single tax return unmarried and paying more than half the cost of supporting a child or parent 1 10% up to $11,600 up to $11,600 up to $23,200 up to $16,550 12% $11,601 to $47,150 $11,601 to $47,150 $23,201 to $94,300 $16,551 to $63,100

question 7 (6.8 points) use the 2024 marginal tax rates in the table below to calculate federal income tax for a single individual with no dependents and a taxable income of 218,400. 2024 irs marginal tax rates bracket tax rate single married filing separately married filing jointly head of household unmarried, divorced, or legally separated married and each partner files a separate tax return married and both partners file a single tax return unmarried and paying more than half the cost of supporting a child or parent 1 10% up to $11,600 up to $11,600 up to $23,200 up to $16,550 12% $11,601 to $47,150 $11,601 to $47,150 $23,201 to $94,300 $16,551 to $63,100

Answer

Explanation:

Step1: Calculate tax for first - bracket

The first - bracket for single filers is up to $11,600$ at a $10%$ rate. Tax for this bracket is $11600\times0.1 = 1160$.

Step2: Calculate tax for second - bracket

The second - bracket for single filers is from $11,601$ to $47,150$ at a $12%$ rate. The amount in this bracket is $47150 - 11600=35550$. Tax for this bracket is $35550\times0.12 = 4266$.

Step3: Calculate tax for third - bracket

The third - bracket for single filers is from $47,151$ to $100,525$ at a $22%$ rate. The amount in this bracket is $100525 - 47150 = 53375$. Tax for this bracket is $53375\times0.22=11742.5$.

Step4: Calculate tax for fourth - bracket

The fourth - bracket for single filers is from $100,526$ to $218,400$ at a $24%$ rate. The amount in this bracket is $218400 - 100525 = 117875$. Tax for this bracket is $117875\times0.24 = 28290$.

Step5: Sum up the taxes from all brackets

The total federal income tax is $1160+4266 + 11742.5+28290=45458.5$.

Answer:

$45458.5$