Question

question 10 of 10
a nutritionist filling her federal income tax return with the single filing status
had a gross income of $34,200. she made a $1000 contribution to an ira. if
she takes a standard deduction of $5700, claims only herself as an
exemption for $3650, and makes no further adjustment to her income, find
the amount of taxes she has to pay.

single
taxable
income is
over
but not
over
the tax is
plus
of the
amount
over
$0
8,350
$0.00
10%
$0
8,350
33,950
835.00
15%
8,350
33,950
82,250
4,675.00
25%
33,950
82,250
171,550
16,750.00
28%
82,250
171,550
372,950
41,754.00
33%
171,550
372,950

108,216.00
35%
372,950

a. $3650
b. $3160

Explanation:

Step1: Calculate Adjusted Gross Income (AGI)

AGI = Gross Income - IRA Contribution
AGI = \( 34200 - 1000 = 33200 \) dollars.

Step2: Calculate Taxable Income

Taxable Income = AGI - Standard Deduction - Exemption
Taxable Income = \( 33200 - 5700 - 3650 = 23850 \) dollars.

Step3: Determine Tax Bracket and Calculate Tax

From the tax table, for Single filers:

• The first bracket: \( 0 - 8350 \) at 10%: Tax = \( 8350 \times 0.10 = 835 \)
• The second bracket: \( 8350 - 33950 \) at 15%: Amount over 8350 = \( 23850 - 8350 = 15500 \)

Tax for this bracket = \( 15500 \times 0.15 = 2325 \)

Step4: Total Tax

Total Tax = Tax from first bracket + Tax from second bracket
Total Tax = \( 835 + 2325 = 3160 \) dollars.

Answer:

\$3160