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You earn [tex]$\$[/tex] 55,750[tex]$ for the year. Which tax tier will you use?

\ \textless \ strong\ \textgreater \ SINGLE person\ \textless \ /strong\ \textgreater \

\[
\begin{tabular}{|c|c|c|c|}
\hline
\multicolumn{2}{|c|}{\begin{tabular}{l}
If the amount of wages \\
(after subtracting the \\
Standard Deduction) is:
\end{tabular}}
& \begin{tabular}{l}
The amount of Income \\
tax to withhold is:
\end{tabular}
& \begin{tabular}{l}
Standard \\
Deduction: \\
$[/tex]\[tex]$ 13,850$[/tex]
\end{tabular} \\
\hline
Over - & But not over - & & Of excess over - \\
\hline
[tex]$\$[/tex] 0[tex]$ & $[/tex]\[tex]$ 11,000$[/tex] & .. [tex]$\$[/tex] 0.00[tex]$ plus $[/tex]10 \%[tex]$ & $[/tex]\[tex]$ 0$[/tex] \\
\hline
[tex]$\$[/tex] 11,000[tex]$ & $[/tex]\[tex]$ 44,725$[/tex] & .. [tex]$\$[/tex] 1,100.00[tex]$ plus $[/tex]12 \%[tex]$ & $[/tex]\[tex]$ 11,000$[/tex] \\
\hline
[tex]$\$[/tex] 44,725[tex]$ & $[/tex]\[tex]$ 95,375$[/tex] & .. [tex]$\$[/tex] 5,147.00[tex]$ plus $[/tex]22 \%[tex]$ & $[/tex]\[tex]$ 44,725$[/tex] \\
\hline
[tex]$\$[/tex] 95,375[tex]$ & $[/tex]\[tex]$ 182,100$[/tex] & .. [tex]$\$[/tex] 16,290.00[tex]$ plus $[/tex]24 \%[tex]$ & $[/tex]\[tex]$ 95,375$[/tex] \\
\hline
[tex]$\$[/tex] 182,100[tex]$ & $[/tex]\[tex]$ 231,250$[/tex] & .. [tex]$\$[/tex] 37,104.00[tex]$ plus $[/tex]32 \%[tex]$ & $[/tex]\[tex]$ 182,100$[/tex] \\
\hline
[tex]$\$[/tex] 231,250[tex]$ & $[/tex]\[tex]$ 578,125$[/tex] & .. [tex]$\$[/tex] 52,832.00[tex]$ plus $[/tex]35 \%[tex]$ & $[/tex]\[tex]$ 231,250$[/tex] \\
\hline
[tex]$\$[/tex] 578,125[tex]$ & and up & .. $[/tex]\[tex]$ 174,238.25$[/tex] plus [tex]$37 \%$[/tex] & [tex]$\$[/tex] 578,125[tex]$ \\
\hline
\end{tabular}
\]

A. $[/tex]10 \%[tex]$

B. $[/tex]12 \%[tex]$

C. $[/tex]22 \%[tex]$

D. $[/tex]24 \%[tex]$

E. $[/tex]32 \%[tex]$

F. $[/tex]35 \%[tex]$

G. $[/tex]37 \%$



Answer :

GinnyAnswer
To determine the appropriate tax tier for a yearly income of \[tex]$55,750 for a single person, we need to follow these steps: 1. Determine the standard deduction: The standard deduction for a single filer is \$[/tex]13,850.

2. Calculate the taxable income: Subtract the standard deduction from the yearly income:
[tex]\[ 55,750 - 13,850 = 41,900 \][/tex]

3. Identify the tax tier based on the taxable income:

[tex]\[ \begin{array}{|c|c|c|} \hline \text{Over} & \text{But not over} & \text{Tax Rate} \\ \hline \$0 & \$11,000 & 10\% \\ \hline \$11,000 & \$44,725 & 12\% \\ \hline \$44,725 & \$95,375 & 22\% \\ \hline \$95,375 & \$182,100 & 24\% \\ \hline \$182,100 & \$231,250 & 32\% \\ \hline \$231,250 & \$578,125 & 35\% \\ \hline \$578,125 & \text{and up} & 37\% \\ \hline \end{array} \][/tex]

The taxable income of \[tex]$41,900 falls within the range of over \$[/tex]11,000 but not over \[tex]$44,725. Thus, the appropriate tax tier for an income of \$[/tex]55,750 (with a taxable income of \$41,900) is the 12% tax tier. So, the answer is:

B [tex]\( \quad 1 \nu \% \)[/tex]

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