FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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
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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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