7- Using the tax table, determine the amount of taxes for the following situations. Donot round intermediate calculations. Round your answers to 2 decimal places.a. A head of househould with taxable income of $63,000.Tax amount =b. A single person with taxable income of $37,500.Tax amount =c. Married taxpayers filing jointly with taxable income of $73,600.Tax amount =

Below, are the brackets and rates that apply to taxable income earned in 2023.Tax RateSingleMarried…

Answered: determine the amount of taxes for the…

Business

Accounting

determine the amount of taxes for the following situations.

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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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

Using the tax table, determine the amount of taxes for the following situations. Do
not round intermediate calculations. Round your answers to 2 decimal places.
a. A head of househould with taxable income of $63,000.
Tax amount =
b. A single person with taxable income of $37,500.
Tax amount =
c. Married taxpayers filing jointly with taxable income of $73,600.
Tax amount =

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Step 1: 2023 Tax Brackets

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Step 2: a. Calculation of tax liability of a head of household taxpayer

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Step 3: b. Calculation of tax liability of a single person:

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