Use the chart below to answer the question.Married Filing Jointlyand Widow(er)Tax RateSingleMarried Filing SeparatelyHead of Household10%$1 - $9075$1 - $18,150$1 - $9075$1 - $12,95015%$9076 - $36,900$18,151 - S73,800$9076 - $36,900$12,951 - $49,400259S36,901 - S89,350S73,801 - S148,850$36,901 - $74,425$49,401 - $127,55028%S89,351 - $186,350$148,851 - $226,850$74,426 - $113,425$127,551 - $206,60033%$186,351 - $405,100S226,851 - $405,100$113,426 - $202,500$206,601 - $405,10035%$405,101 - $406,750$405, 101 - $457,600$202,551 - $228,800$405,101 - S432,20039.6%over $406,750over $457,600over $228,800over $432,200Calculate the tax a person who files single would pay if their salary was $62,562. Round to the nearest penny.

Tax refers to the financial charge or obligation which is compulsory imposed on the taxpayer through…

Married Filing Jointly and Widow(er) Single Married Filing Separately Head of H $1 - $9075 $1 - $18,150 $1 - 59075 $1 - $12,9 S9076 - $36,900 $18,151 - $73,800 $9076 - $36,900 $12,951 - S36,901 - S89,350 573,801 - $148,850 $36,901 - S74,425 $49,401 - S89,351 - S186,350 $148,851 - $226,850 S74,426 - $113,425 $127,551 $186,351 - $405,100 S226,851 - $405,100 $113,426 - $202,500 $206,601

Married Filing Jointly and Widow(er) Single Married Filing Separately Head of H $1 - $9075 $1 - $18,150 $1 - 59075 $1 - $12,9 S9076 - $36,900 $18,151 - $73,800 $9076 - $36,900 $12,951 - S36,901 - S89,350 573,801 - $148,850 $36,901 - S74,425 $49,401 - S89,351 - S186,350 $148,851 - $226,850 S74,426 - $113,425 $127,551 $186,351 - $405,100 S226,851 - $405,100 $113,426 - $202,500 $206,601

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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