Answer :
To determine how much Theresa owes in taxes, we'll use the applicable tax brackets for single filers. Here’s a step-by-step explanation of how to calculate her taxes based on her taxable income of [tex]$45,304:
1. Identify the Tax Brackets:
- 10% bracket: Applies to income from $[/tex]0 to [tex]$10,275
- 12% bracket: Applies to income from $[/tex]10,276 to [tex]$41,775
- 22% bracket: Applies to income from $[/tex]41,776 to [tex]$89,075
2. Calculate the Tax for Each Bracket:
- First Bracket (10%):
- Income in this bracket: $[/tex]10,275
- Tax: [tex]$10,275 * 0.10 = $[/tex]1,027.50
- Second Bracket (12%):
- Income in this bracket: [tex]$41,775 - $[/tex]10,275 = [tex]$31,500
- Tax: $[/tex]31,500 * 0.12 = [tex]$3,780.00
- Third Bracket (22%):
- Income in this bracket: $[/tex]45,304 - [tex]$41,775 = $[/tex]3,529
- Tax: [tex]$3,529 * 0.22 = $[/tex]776.38
3. Add Up All the Taxes:
- Total Tax = [tex]$1,027.50 (from the first bracket)
+ $[/tex]3,780.00 (from the second bracket)
+ [tex]$776.38 (from the third bracket)
= $[/tex]5,583.88
4. Find the Closest Option:
- Upon comparing the calculated tax of [tex]$5,583.88 with the given options, we find that none of the options matches this amount. Therefore, it seems like the correct calculation based on the brackets provided is not reflected among the listed choices. The answer should ideally be verified or the options should be reevaluated.
So, Theresa owes approximately $[/tex]5,583.88 in taxes given her taxable income of $45,304.
1. Identify the Tax Brackets:
- 10% bracket: Applies to income from $[/tex]0 to [tex]$10,275
- 12% bracket: Applies to income from $[/tex]10,276 to [tex]$41,775
- 22% bracket: Applies to income from $[/tex]41,776 to [tex]$89,075
2. Calculate the Tax for Each Bracket:
- First Bracket (10%):
- Income in this bracket: $[/tex]10,275
- Tax: [tex]$10,275 * 0.10 = $[/tex]1,027.50
- Second Bracket (12%):
- Income in this bracket: [tex]$41,775 - $[/tex]10,275 = [tex]$31,500
- Tax: $[/tex]31,500 * 0.12 = [tex]$3,780.00
- Third Bracket (22%):
- Income in this bracket: $[/tex]45,304 - [tex]$41,775 = $[/tex]3,529
- Tax: [tex]$3,529 * 0.22 = $[/tex]776.38
3. Add Up All the Taxes:
- Total Tax = [tex]$1,027.50 (from the first bracket)
+ $[/tex]3,780.00 (from the second bracket)
+ [tex]$776.38 (from the third bracket)
= $[/tex]5,583.88
4. Find the Closest Option:
- Upon comparing the calculated tax of [tex]$5,583.88 with the given options, we find that none of the options matches this amount. Therefore, it seems like the correct calculation based on the brackets provided is not reflected among the listed choices. The answer should ideally be verified or the options should be reevaluated.
So, Theresa owes approximately $[/tex]5,583.88 in taxes given her taxable income of $45,304.
