question 7 (4 points) use the 2024 marginal tax rates in the table below to calculate federal income tax for…

question 7 (4 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 60700. 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 $11600 up to $11600 up to $23200 up to $16550 2 12% $11601 to $47150 $11601 to $47150 $23201 to $94300 $16551 to $63100 3 22% $47151 to $100525 $47151 to $100525 $94301 to $201050 $63101 to $100500 4 24% $100526 to $191950 $100526 to $191950 $201051 to $383900 $100501 to $191950 5 32% $191951 to $243725 $191951 to $243725 $383901 to $487450 $191951 to $243700 6 35% $243726 to $609350 $243726 to $365600 $487451 to $731200 $243701 to $609350 7 37% more than $609350 more than $365600 more than $731200 more than $609350 enter the dollar amount rounded to the nearest cent. your answer:

question 7 (4 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 60700. 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 $11600 up to $11600 up to $23200 up to $16550 2 12% $11601 to $47150 $11601 to $47150 $23201 to $94300 $16551 to $63100 3 22% $47151 to $100525 $47151 to $100525 $94301 to $201050 $63101 to $100500 4 24% $100526 to $191950 $100526 to $191950 $201051 to $383900 $100501 to $191950 5 32% $191951 to $243725 $191951 to $243725 $383901 to $487450 $191951 to $243700 6 35% $243726 to $609350 $243726 to $365600 $487451 to $731200 $243701 to $609350 7 37% more than $609350 more than $365600 more than $731200 more than $609350 enter the dollar amount rounded to the nearest cent. your answer:

Answer

Explanation:

Step1: Calculate tax for first bracket

The first - bracket tax rate is 10% and the income in this bracket is $11600. So the tax is $11600\times0.10 = 1160$.

Step2: Calculate tax for second bracket

The second - bracket tax rate is 12%. The income in this bracket is $47150 - 11601+1=35550$. The tax is $35550\times0.12 = 4266$.

Step3: Calculate tax for third bracket

The third - bracket tax rate is 22%. The income in this bracket for a taxable income of $60700$ is $60700 - 47151+1 = 13550$. The tax is $13550\times0.22=2981$.

Step4: Calculate total tax

The total federal income tax is $1160 + 4266+2981=8407$.

Answer:

$8407.00$