use the 2024 marginal tax rates in the table below to calculate federal income tax for a single individual…

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 126,150.\n2024 irs marginal tax rates\nbracket tax rate single married filing separately married filing jointly head of household\nunmarried, 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\n1 10% up to $11,600 up to $11,600 up to $23,200 up to $16,550\n2 12% $11,601 to $47,150 $11,601 to $47,150 $23,201 to $94,300 $16,551 to $63,100\n3 22% $47,151 to $100,525 $47,151 to $100,525 $94,301 to $201,050 $63,101 to $100,500\n4 24% $100,526 to $191,950 $100,526 to $191,950 $201,051 to $383,900 $100,501 to $191,950\n5 32% $191,951 to $243,725 $191,951 to $243,725 $383,901 to $487,450 $191,951 to $243,700\n6 35% $243,726 to $609,350 $243,726 to $365,600 $487,451 to $731,200 $243,701 to $609,350\n7 37% more than $609,350 more than $365,600 more than $731,200 more than $609,350\nenter the dollar amount rounded to the nearest cent

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 126,150.\n2024 irs marginal tax rates\nbracket tax rate single married filing separately married filing jointly head of household\nunmarried, 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\n1 10% up to $11,600 up to $11,600 up to $23,200 up to $16,550\n2 12% $11,601 to $47,150 $11,601 to $47,150 $23,201 to $94,300 $16,551 to $63,100\n3 22% $47,151 to $100,525 $47,151 to $100,525 $94,301 to $201,050 $63,101 to $100,500\n4 24% $100,526 to $191,950 $100,526 to $191,950 $201,051 to $383,900 $100,501 to $191,950\n5 32% $191,951 to $243,725 $191,951 to $243,725 $383,901 to $487,450 $191,951 to $243,700\n6 35% $243,726 to $609,350 $243,726 to $365,600 $487,451 to $731,200 $243,701 to $609,350\n7 37% more than $609,350 more than $365,600 more than $731,200 more than $609,350\nenter the dollar amount rounded to the nearest cent

Answer

  1. First, break down the taxable - income of $126,150 into tax - brackets for single filers:
    • For the first $11,600, the tax rate is 10%. The tax amount from this bracket is $11,600×0.10 = $1,160.
    • For the income from $11,601 to $47,150 ($47,150 - $11,600=$35,550), the tax rate is 12%. The tax amount from this bracket is $35,550×0.12 = $4,266.
    • For the income from $47,151 to $100,525 ($100,525 - $47,150 = $53,375), the tax rate is 22%. The tax amount from this bracket is $53,375×0.22=$11,742.5.
    • For the income from $100,526 to $126,150 ($126,150 - $100,525 = $25,625), the tax rate is 24%. The tax amount from this bracket is $25,625×0.24 = $6,150.
  2. Then, sum up the tax amounts from each bracket:
    • Total tax=$1,160 + $4,266+ $11,742.5 + $6,150
    • Total tax=$23,318.5

Answer: $23,318.50