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? 2020 Federal lIncome Tax Brackets and Rates for Single Filers,Married Couples Filing Jointly, and Heads of HouseholdsFor SingleIndividualsFor Married Individuals FilingJoint ReturnsFor Heads ofHouseholdsRate10%Up to $9,875Up to $19,75Up to $14,100$9,876 to $40,125 $19,751 to $80,250$14,101 to$53,70012%$40,126 to$85, 525$53,701 to$85,50022%$80,251 to $171,050$85, 526 to$163,300$171,051 to $326,600$85, 501 to$163,30024%$163,301 to$207,350$326, 601 to $414,70032%$163,301 to$207,350$207,351 to$518,400$414,701 to $622,050$207,351 to$518, 40035%37%$518,401 or more$622,051 or more$518, 401 or moreSource: Internal Revenue Service

Progressive Slab Rate: It is a system in which the rate of taxation rises as taxable income rises.…

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?

2020 Federal lIncome Tax Brackets and Rates for Single Filers,
Married Couples Filing Jointly, and Heads of Households
For Single
Individuals
For Married Individuals Filing
Joint Returns
For Heads of
Households
Rate
10%
Up to $9,875
Up to $19,75
Up to $14,100
$9,876 to $40,125 $19,751 to $80,250
$14,101 to
$53,700
12%
$40,126 to
$85, 525
$53,701 to
$85,500
22%
$80,251 to $171,050
$85, 526 to
$163,300
$171,051 to $326,600
$85, 501 to
$163,300
24%
$163,301 to
$207,350
$326, 601 to $414,700
32%
$163,301 to
$207,350
$207,351 to
$518,400
$414,701 to $622,050
$207,351 to
$518, 400
35%
37%
$518,401 or more
$622,051 or more
$518, 401 or more
Source: Internal Revenue Service

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