Answered: Cameron is single and has taxable…

Cameron is single and has taxable income of $92,616. Determine his tax liability using the tax tables and using the tax rate schedule. Why is there a difference between the two amounts?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Cameron is single and has taxable income of $92,616. Determine his tax liability using the tax tables and using the tax rate schedule. Why is there a difference between the two amounts?

Grading Criteria: Determines tax liabilities using tax tables and tax rate schedules (P41).

Taxable Income
Таx Rate
Up to $19,750
10%
$19,751-$80,250
12%
$80,251-$171,050
22%
$171,051-$326,600
24%
$326,601-$414,700
32%
$414,701-$622,050
35%
Over $622,050
37%

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