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Calculate how much taxes a single-unmarried individual

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Reference no: EM132379725

Question :

Using the new tax rate provided in the chart below, calculate how much taxes a single/unmarried individual who earns $75,000 would pay. Keep in mind that you only get taxed on your "taxable income" not on the total/gross amount of income you have earned.

The standard deduction for a single filer went up from $6,350 to $12,000 in 2018, so you will deduct this amount from the gross income, and then calculate the taxes you owed on the remaining income.

Tax Year 2019

0 - $9,700

10%

$9,701 - $39,475            12%

$39,476 - $84,200

22%

$84,201 - $160,725         24%

$160,726 - $204,100

32%

$204,101 - $510,300       35%

Over $510,301

37%

Reference no: EM132379725

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