what is the tax liability of $302,000 using the single taxpayers - 2018
what is the tax liability of $302,000 using the single taxpayers - 2018
Homework Answers
The tax brackets & standard deductions for the year 2018 for single tax payers are as follows,
- 10%: $0 to $9,525 of taxable income
- 12%: $9,526 to $38,700
- 22%: $38,701 to $82,500
- 24%: $82,501 to $157,500
- 32%: $157,501 to $200,000
- 35%: $200,001 to $500,000
- 37%: over $500,000
- Standard deduction: $12,000
Applying the above rates, tax payable on 302,000 is 81,389.5
Deducting the standard deduction of 12,000.
The tax payable would be 69,390.
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what is the tax liability of $302,000 using the single taxpayers
- 2018
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Using 2018 Tax Table : married filling jointly 3,186 / Single
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