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Kimberly has $79,000 in taxable income this year. Using the income tax brackets below, calculate their total tax liability for this year.

Kimberly has $79,000 in taxable income this year. Using the income tax brackets below, calculate their total tax liability for this year.

FINANCIAL ACCOUNTING
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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Kimberly has $79,000 in taxable income this year. Using the income tax brackets below, calculate their total tax liability for this year. Tax Bracket 8% 16% 22% 28% 32% 37% Bottom of Bracket $0 $12,000 $44,000 $116,000 $246,000 $359,000 11,980.00 19,058.00 11,707.00 13,781.00 Top of Bracket $12,000 $44,000 $116,000 $246,000 $359,000 Tax Liability for Bracket $961 $5,120 $15,840 $36,400 $36,160
Transcribed Image Text:Kimberly has $79,000 in taxable income this year. Using the income tax brackets below, calculate their total tax liability for this year. Tax Bracket 8% 16% 22% 28% 32% 37% Bottom of Bracket $0 $12,000 $44,000 $116,000 $246,000 $359,000 11,980.00 19,058.00 11,707.00 13,781.00 Top of Bracket $12,000 $44,000 $116,000 $246,000 $359,000 Tax Liability for Bracket $961 $5,120 $15,840 $36,400 $36,160
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