人 Use the 2020 Federal Tax Rates for Individuals to calculate the estimated taxes for a taxable income of $22,700. Tax rate 10% 2020 Federal Tax Rates for Individuals Taxable Income Bracket $0 to $9875 12% $9876 to $40,125 22% $40,126 to $85,525 24% $85,526 to $163,300 32% $163,301 to $207,350 35% $207,351 to $518,400 37 % $518,401 or more

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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Use the 2020 Federal Tax Rates for Individuals to calculate the estimated taxes for a taxable income of $22,700.
Tax rate
10%
2020 Federal Tax Rates for Individuals
Taxable Income Bracket
$0 to $9875
12%
$9876 to $40,125
22%
$40,126 to $85,525
24%
$85,526 to $163,300
32%
$163,301 to $207,350
35%
$207,351 to $518,400
37 %
$518,401 or more
Transcribed Image Text:人 Use the 2020 Federal Tax Rates for Individuals to calculate the estimated taxes for a taxable income of $22,700. Tax rate 10% 2020 Federal Tax Rates for Individuals Taxable Income Bracket $0 to $9875 12% $9876 to $40,125 22% $40,126 to $85,525 24% $85,526 to $163,300 32% $163,301 to $207,350 35% $207,351 to $518,400 37 % $518,401 or more
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