What is the amount of the tax liability for a single person having taxable income of $59,200? All answers should be rounded to the nearest dollar.
A) $10,656.
B) $9,250.
C) $10,600.
D)$14,800.

Question

Quizplus · Accepted Answer

The tax liability for a single person with taxable income of $59,200 can be calculated using the IRS tax brackets and the tax table. Based on the 2021 tax brackets, the first $9,950 is taxed at 10%, the next $30,525 ($40,475 - $9,950) is taxed at 12%, and the remaining $18,725 ($59,200 - $40,475) is taxed at 22%. Therefore, the tax liability would be (9,950 * 0.10) + (30,525 * 0.12) + (18,725 * 0.22) = $10,595. This amount should be rounded to the nearest dollar, which is $10,600. Therefore, the correct answer is C.

What Is the Amount of the Tax Liability for a Single