What would be the tax liability for a single taxpayer who has a gross income of $49,250

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Callie Casey

Business

26 April, 06:08

What would be the tax liability for a single taxpayer who has a gross income of $49,250

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Alyson Burke · Answer 1

Calculate the tax liability for single taxpayer. The gross income is $39,700. The standard deduction is $6,200 and single time exemption is $3,950. Calculate the taxable income as follows: Comment (0). Step 4 of 4. Calculate the tax based on the tax slabs as follows: The tax liability is $907.5 plus 15% on the difference ...