Federal Income Tax Rates For the Year 2022 From To AmountTax Rate Maximum 50,197 50,197 15.0% 50,197 100,392 50,195 20.5% 100,392 155,625 55,233 26.0% 155,625 221,708 66,083 29.0% 221,708 infinity 33.0% Tax 7,529.55 10,289.98 14,360.58 19,164.07 Cummulative Tax 7,529.55 17,819.53 32,180.11 51,344.18 Using the above tax rates, what is the amount of federal tax owed on an income of 74587? Answer to two decimals. Do not use commas or $ signs.

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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Federal Income Tax Rates
For the Year 2022
From
To AmountTax Rate Maximum Cummulative
50,197 50,197 15.0%
50,197 100,392 50,195 20.5%
100,392 155,625 55,233
26.0%
155,625 221,708 66,083
29.0%
221,708 infinity
33.0%
Tax
7,529.55
10,289.98
14,360.58
19,164.07
Tax
7,529.55
17,819.53
32,180.11
51,344.18
Using the above tax rates, what is the amount of federal tax owed on an income of
74587? Answer to two decimals. Do not use commas or $ signs.
Transcribed Image Text:Federal Income Tax Rates For the Year 2022 From To AmountTax Rate Maximum Cummulative 50,197 50,197 15.0% 50,197 100,392 50,195 20.5% 100,392 155,625 55,233 26.0% 155,625 221,708 66,083 29.0% 221,708 infinity 33.0% Tax 7,529.55 10,289.98 14,360.58 19,164.07 Tax 7,529.55 17,819.53 32,180.11 51,344.18 Using the above tax rates, what is the amount of federal tax owed on an income of 74587? Answer to two decimals. Do not use commas or $ signs.
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