Question

Single with a taxable income of 62000
Tax owed is

Answer 1

To calculate the federal income tax owed for a single filer with a taxable income of $62,000 for the tax year 2023, we can use the IRS tax brackets for that year. Here are the relevant tax brackets for a single filer in 2023:

1. **10%** on income up to $11,000
2. **12%** on income over $11,000 up to $44,725
3. **22%** on income over $44,725 up to $95,375

Now, let’s break down the income into the appropriate brackets:

1. **10% Bracket**
- Income up to $11,000: \(11,000 \times 0.10 = 1,100\)

2. **12% Bracket**
- Income from $11,000 to $44,725: \((44,725 - 11,000) \times 0.12 = 33,725 \times 0.12 = 4,047\)

3. **22% Bracket**
- Income from $44,725 to $62,000: \((62,000 - 44,725) \times 0.22 = 17,275 \times 0.22 = 3,801.50\)

Now, we can total the tax owed:

\[
\text{Total Tax} = 1,100 + 4,047 + 3,801.50 = 8,948.50
\]

Therefore, the total federal income tax owed on a taxable income of $62,000 for the year 2023 is **$8,948.50**.