Answered

A person filing her federal income tax return with the Single filing status had a taxable income of [tex]$\$[/tex] 79,950[tex]$. According to the table below, how much of that income will she have left over after paying her federal income tax?

\begin{tabular}{|r|r|r|r|r|}
\hline \multicolumn{5}{|c|}{ Single } \\
\hline \begin{tabular}{r}
Taxable \\
income is \\
over
\end{tabular} & \begin{tabular}{c}
But not \\
over
\end{tabular} & \multicolumn{1}{|c|}{ The tax is } & Plus & \begin{tabular}{c}
Or the \\
amount \\
over
\end{tabular} \\
\hline \$[/tex]0 & \[tex]$8,350 & \$[/tex]835 & [tex]$10 \%$[/tex] & \[tex]$0 \\
\hline \$[/tex]8,350 & \[tex]$33,950 & \$[/tex]835 + [tex]$15 \%$[/tex] & of the amount over & \[tex]$8,350 \\
\hline \$[/tex]33,950 & \[tex]$82,250 & \$[/tex]4,875 + [tex]$25 \%$[/tex] & of the amount over & \[tex]$33,950 \\
\hline \$[/tex]82,250 & \[tex]$171,550 & \$[/tex]16,750 + [tex]$28 \%$[/tex] & of the amount over & \[tex]$82,250 \\
\hline \$[/tex]171,550 & \[tex]$372,950 & \$[/tex]41,754 + [tex]$33 \%$[/tex] & of the amount over & \[tex]$171,550 \\
\hline \$[/tex]372,950 & & \[tex]$108,216 + $[/tex]35 \%[tex]$ & of the amount over & \$[/tex]372,950 \\
\hline
\end{tabular}

A. [tex]$\$[/tex] 11,500.00[tex]$
B. $[/tex]\[tex]$ 68,450.00$[/tex]
C. [tex]$\$[/tex] 16,175.00[tex]$
D. $[/tex]\[tex]$ 63,775.00$[/tex]



Answer :

GinnyAnswer
To determine how much income a person has left after paying federal income tax, we need to calculate the tax owed based on the given taxable income and appropriate tax brackets. The taxable income given is [tex]$79,950. Here's a step-by-step breakdown: ### Tax Brackets Review 1. $[/tex]0 - [tex]$8,350: 10% 2. $[/tex]8,350 - [tex]$33,950: 15% 3. $[/tex]33,950 - [tex]$82,250: 25% 4. $[/tex]82,250 - [tex]$171,550: 28% 5. $[/tex]171,550 - [tex]$372,950: 33% 6. Over $[/tex]372,950: 35%

### Calculating Tax in Brackets
1. From [tex]$0 to $[/tex]8,350:
- Tax = [tex]$8,350 * 10% = $[/tex]835

2. From [tex]$8,350 to $[/tex]33,950:
- Amount subject to 15% tax = [tex]$33,950 - $[/tex]8,350 = [tex]$25,600 - Tax = $[/tex]25,600 * 15% = [tex]$3,840 3. From $[/tex]33,950 to the given income [tex]$79,950: - Amount subject to 25% tax = $[/tex]79,950 - [tex]$33,950 = $[/tex]46,000
- Tax = [tex]$46,000 * 25% = $[/tex]11,500

### Summing the Tax Amounts
- Total tax up to [tex]$8,350 = $[/tex]835
- Total tax from [tex]$8,350 to $[/tex]33,950 = [tex]$3,840 - Total tax from $[/tex]33,950 to [tex]$79,950 = $[/tex]11,500

Total tax = [tex]$835 + $[/tex]3,840 + [tex]$11,500 = $[/tex]16,175

### Income After Tax
- Taxable income = [tex]$79,950 - Total tax = $[/tex]16,175

Income after tax = [tex]$79,950 - $[/tex]16,175 = [tex]$63,775 ### Conclusion Therefore, after paying the federal income tax, the person has $[/tex]\[tex]$63,775.00 left over. The correct answer is: D. $[/tex]63,775.00