To find the federal income tax owed on a [tex]$48,200 salary, we'll follow these steps:
1. Determine the taxable income: First, subtract the standard deduction from the salary.
2. Apply the progressive tax rates to the taxable income: Tax each portion of the taxable income according to the tax brackets.
### Step-by-Step Calculation:
1. Calculate Taxable Income:
- Salary: \$[/tex]48,200
- Standard Deduction: \[tex]$12,200
- Taxable Income = \$[/tex]48,200 - \[tex]$12,200 = \$[/tex]36,000
2. Apply the Progressive Tax Rates:
- We will tax the income in each bracket until we have fully accounted for the taxable income.
- First Bracket: \[tex]$0 - \$[/tex]9,700 at 10%:
- Taxable amount in this bracket: \[tex]$9,700
- Tax: \$[/tex]9,700 × 10% = \[tex]$970
- Second Bracket: \$[/tex]9,701 - \[tex]$39,475 at 12%:
- Remaining taxable income = \$[/tex]36,000 - \[tex]$9,700 = \$[/tex]26,300
- Since \[tex]$26,300 is less than the upper limit of this bracket (\$[/tex]39,475), the entire amount falls into this bracket.
- Tax: \[tex]$26,300 × 12% = \$[/tex]3,156
3. Total the Taxes:
- Total Tax = Tax from first bracket + Tax from second bracket
- Total Tax = \[tex]$970 + \$[/tex]3,156 = \[tex]$4,126
So, the federal income tax owed on a \$[/tex]48,200 salary is \$4,126.
