Question
Follow the steps to calculate the federal income tax owed on a $30,000 sallary, using the given tax rates.
Standard deduction $12,200
0 to 9,700 is 10%
9,701 to 39,475 is 12%
Standard deduction $12,200
0 to 9,700 is 10%
9,701 to 39,475 is 12%
Answers
GPT-4o mini
To calculate the federal income tax owed on a salary of $30,000 using the given tax rates, follow these steps:
### Step 1: Determine Taxable Income
1. Start with your salary: $30,000.
2. Subtract the standard deduction of $12,200 from your salary:
- $30,000 - $12,200 = $17,800 (this is your taxable income).
### Step 2: Apply the Tax Rates
1. The taxable income of $17,800 falls into two income brackets.
- The first $9,700 is taxed at 10%.
- The amount from $9,701 to $17,800 is taxed at 12%.
2. Calculate the tax for the first bracket:
- $9,700 * 10% = $970.
3. Calculate the amount in the second bracket:
- $17,800 (taxable income) - $9,700 (upper limit of the first bracket) = $8,100.
- Tax this amount at 12%:
- $8,100 * 12% = $972.
### Step 3: Calculate Total Federal Income Tax Owed
1. Sum the tax from both brackets:
- Tax from the first bracket: $970.
- Tax from the second bracket: $972.
- Total tax owed: $970 + $972 = $1,942.
### Conclusion
The federal income tax owed on a $30,000 salary, after taking into account the standard deduction and applying the applicable tax rates, is **$1,942**.
### Step 1: Determine Taxable Income
1. Start with your salary: $30,000.
2. Subtract the standard deduction of $12,200 from your salary:
- $30,000 - $12,200 = $17,800 (this is your taxable income).
### Step 2: Apply the Tax Rates
1. The taxable income of $17,800 falls into two income brackets.
- The first $9,700 is taxed at 10%.
- The amount from $9,701 to $17,800 is taxed at 12%.
2. Calculate the tax for the first bracket:
- $9,700 * 10% = $970.
3. Calculate the amount in the second bracket:
- $17,800 (taxable income) - $9,700 (upper limit of the first bracket) = $8,100.
- Tax this amount at 12%:
- $8,100 * 12% = $972.
### Step 3: Calculate Total Federal Income Tax Owed
1. Sum the tax from both brackets:
- Tax from the first bracket: $970.
- Tax from the second bracket: $972.
- Total tax owed: $970 + $972 = $1,942.
### Conclusion
The federal income tax owed on a $30,000 salary, after taking into account the standard deduction and applying the applicable tax rates, is **$1,942**.