To calculate the federal income tax owed on a [tex]$30,000 salary, follow these steps:
1. Calculate the taxable income:
- Gross Salary: $[/tex]30,000
- Standard Deduction: [tex]$12,200
Subtract the standard deduction from the gross salary to find the taxable income:
\[
\text{Taxable Income} = \text{Gross Salary} - \text{Standard Deduction} = 30,000 - 12,200 = 17,800
\]
2. Determine the applicable tax rates:
According to the tax brackets for the given salary range, assume the following rates for simplicity:
- 10% on the first $[/tex]9,875
- 12% on the amount over [tex]$9,875 up to $[/tex]40,125
3. Calculate the tax for each bracket:
- Tax for the first [tex]$9,875:
\[
\text{Tax on first } 9,875 = 9,875 \times 0.10 = 987.50
\]
- Tax on the remaining income ($[/tex]17,800 - [tex]$9,875 = $[/tex]7,925):
[tex]\[
\text{Tax on remaining } 7,925 = 7,925 \times 0.12 = 951.00
\][/tex]
4. Add the taxes together to get the total federal income tax owed:
[tex]\[
\text{Total Tax} = 987.50 + 951.00 = 1,938.50
\][/tex]
Thus, the federal income tax owed on a [tex]$30,000 salary, after accounting for the standard deduction, is \$[/tex]1,938.50.
