To calculate the federal income tax owed on a salary of [tex]$48,200 using the given progressive tax rates and standard deduction, follow these steps:
1. Determine the Taxable Income:
- The salary is $[/tex]48,200.
- The standard deduction is [tex]$12,200.
- Subtract the standard deduction from the salary to get the taxable income:
\[
\text{Taxable Income} = 48,200 - 12,200 = 36,000
\]
2. Calculate the Tax Owed:
- The taxable income is segmented according to the progressive tax brackets. We will calculate the tax owed in each applicable bracket and then sum them up to find the total tax owed.
- For the first $[/tex]9,700 (from [tex]$0 to $[/tex]9,700):
[tex]\[
\text{Tax} = 9,700 \times 10\% = 970
\][/tex]
- For the next portion from [tex]$9,701 to $[/tex]36,000 (since [tex]$36,000 falls within this bracket which goes up to $[/tex]39,475):
[tex]\[
\text{Amount in this bracket} = 36,000 - 9,700 = 26,300
\][/tex]
[tex]\[
\text{Tax} = 26,300 \times 12\% = 3,156
\][/tex]
- Sum the taxes from both brackets to find the total tax owed:
[tex]\[
\text{Total Tax Owed} = 970 + 3,156 = 4,126
\][/tex]
Therefore, the federal income tax owed on a salary of [tex]$48,200 is $[/tex]4,126.
In summary:
- Standard Deduction: [tex]$12,200
- Taxable Income: $[/tex]36,000
- Tax Owed: $4,126
