To calculate the requested values for the tax year 2024, we need to consider the following:
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Standard Deduction: For the tax year 2024, the standard deduction for a single filer is expected to be approximately $14,600. (This is an estimate; please verify the exact number for your reporting purposes since it can be adjusted for inflation.)
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Taxable Income: Taxable Income can be calculated as follows: \[ \text{Taxable Income} = \text{Salary} - \text{Standard Deduction} \] Substituting the values: \[ \text{Taxable Income} = 46,500 - 14,600 = 31,900 \]
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Federal Tax Calculation: The federal income tax brackets for 2024 are as follows for single filers (this may change, but here’s a general guideline based on previous years - please verify for the latest):
- 10% on income up to $11,000
- 12% on income from $11,001 to $44,725
To calculate the federal taxes owed based on the brackets:
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First $11,000 taxed at 10%: \[ 11,000 \times 0.10 = 1,100 \]
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Next $20,900 taxed at 12% (from $11,001 up to $31,900): \[ (31,900 - 11,000) = 20,900 \] \[ 20,900 \times 0.12 = 2,508 \]
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Total Federal Tax: \[ \text{Total Federal Tax} = 1,100 + 2,508 = 3,608 \]
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Percentage of Salary for Income Taxes: To find out what percentage of the salary the income tax represents, we do the following calculation: \[ \text{Percentage of Salary for Income Taxes} = \left( \frac{\text{Federal Tax}}{\text{Salary}} \right) \times 100 \] \[ \text{Percentage} = \left( \frac{3,608}{46,500} \right) \times 100 \approx 7.8% \]
Now, let's summarize the values:
- 2024 Standard Deduction: $14,600
- Taxable Income: $31,900
- Amount of Federal Income Tax Responsible for All of 2024: $3,608
- Percentage of 2024 Salary for Income Taxes: 7.8%
Make sure to double-check the 2024 figures as they can be subject to changes from the IRS!