Question

different filing groups
tax rate\tsingle filer\tmarried filing jointly\thead of household
10%\t$0 to $11,000\t$0 to $22,000\t$0 to $15,700
12%\t$11,001 to $44,725\t$22,001 to $89,450\t$15,701 to $50,850
22%\t$44,726 to $95,375\t$89,451 to $190,750\t$50,851 to $95,350
24%\t$95,376 to $182,100\t$190,751 to $364,200\t$95,351 to $182,100
32%\t$182,101 to $231,250\t$364,201 to $462,500\t$182,101 to $231,250
35%\t$231,251 to $578,125\t$462,501 to $603,750\t$231,251 to $578,100
37%\t$578,126 or more\t$603,751 or more\t$578,101 or more
a married couple filing jointly has a taxable income of $250,000. how much is their federal income tax?
$55,943
$46,800
$58,223
$49,807

Explanation:

Step1: Calculate 10% bracket tax

Tax = $22,000 \times 0.10 = \$2,200$

Step2: Calculate 12% bracket tax

Tax = $(\$89,450 - \$22,000) \times 0.12 = \$67,450 \times 0.12 = \$8,094$

Step3: Calculate 22% bracket tax

Tax = $(\$190,750 - \$89,450) \times 0.22 = \$101,300 \times 0.22 = \$22,286$

Step4: Calculate 24% bracket tax

Tax = $(\$250,000 - \$190,750) \times 0.24 = \$59,250 \times 0.24 = \$14,220$

Step5: Sum all bracket taxes

Total Tax = $\$2,200 + \$8,094 + \$22,286 + \$14,220$

Answer:

$\$46,800$