Question

what is the amount of taxes paid for 2014 for $65,000 of taxable income for a single person? (rounded to the nearest dollar and no dollar sign $ or comma needed) bracket rate $0 - $9,075 10% $9,075 - $36,900 15% $36,900 - $89,350 25% $89,350 - $186,350 28%

Answer 1

For $65,000 of taxable income for a single person in 2014, the total tax paid would be $12,106.25.

Step-by-step explanation:

The amount of taxes paid for $65,000 of taxable income for a single person in 2014 can be calculated by determining the tax rate for each bracket and applying it to the corresponding portion of the income.

For the given income of $65,000, the tax rates are:

1. 10% for the first $9,075 ($9,075 * 0.1 = $907.50)
2. 15% for the portion between $9,075 and $36,900 ($36,900 - $9,075 = $27,825 * 0.15 = $4,173.75)
3. 25% for the portion between $36,900 and $65,000

The taxable income in the third bracket is $65,000 - $36,900 = $28,100. So, the tax for this bracket is $28,100 * 0.25 = $7,025. Therefore, the total tax paid for $65,000 of taxable income in 2014 is $907.50 + $4,173.75 + $7,025 = $12,106.25.

Answer 2

The amount of taxes paid for a single person with income of $65,000 is $12,106.

The tax on the income in the 10% bracket:

= $9,075 * 10%

= $907.50.

The tax on the income in the 15% bracket:

= ($36,900 - $9,075) * 15%

= $4,173.75

The tax on income in the 25%:

= ($65,000 - $36,900) * 25%

= $7025.

So, the tax payable for the single person is:

= $907.50 + $4,173.75 + $7,025

= $12,106.25

Therefore, the amount of taxes paid for a single person with income of $65,000 is $12,106