Question

Single with a taxable income of 62,000
Tax owed is

Answer 1

To calculate the tax owed on a taxable income of $62,000 for a single filer in the United States, you would typically refer to the IRS tax brackets for the specific tax year. For the 2023 tax year, the federal income tax brackets for a single filer are approximately as follows:

- 10% on income up to $11,000
- 12% on income over $11,000 up to $44,725
- 22% on income over $44,725 up to $95,375

Now, let's break down your income:

1. **10% Bracket:**
- Income from $0 to $11,000:
- Tax: \( 11,000 \times 0.10 = 1,100 \)

2. **12% Bracket:**
- Income from $11,001 to $44,725:
- Tax on this portion: \( (44,725 - 11,000) \times 0.12 = 33,725 \times 0.12 = 4,047 \)

3. **22% Bracket:**
- Income from $44,726 to $62,000:
- Tax on this portion: \( (62,000 - 44,725) \times 0.22 = 17,275 \times 0.22 = 3,800.50 \)

Now, let's sum up the tax owed from all brackets:

- Total Tax Owed = Tax from 10% + Tax from 12% + Tax from 22%
- Total Tax Owed = \( 1,100 + 4,047 + 3,800.50 = 8,947.50 \)

Therefore, if you have a taxable income of $62,000, the estimated federal income tax owed would be approximately **$8,947.50**.

Please note that this calculation does not take into account any deductions, credits, or additional taxes that may apply. Always consider consulting a tax professional or using tax software for precise calculations tailored to your situation.