Answer :
Certainly! Let's solve the problem about taxes for someone filing as head of household with a taxable income of [tex]$57,620.
1. Identify the Income Bracket for Head of Household:
- Based on the table provided, the income bracket for someone filing as head of household with a taxable income of $[/tex]57,620 falls between [tex]$57,600 and $[/tex]58,000.
2. Determine the Tax Amount for Head of Household:
- For the income bracket [tex]$57,600 to $[/tex]58,000, the tax amount according to the table is [tex]$7,689.
3. Identify the Income Bracket for Single Filer:
- Similarly, for someone filing as single, the taxable income of $[/tex]57,620 also falls within the [tex]$57,600 to $[/tex]58,000 bracket.
4. Determine the Tax Amount for Single Filer:
- Within this income bracket for a single filer, the tax amount is [tex]$8,916.
5. Calculate the Difference in Tax Paid:
- To find out how much less a head of household would pay compared to a single filer, subtract the tax for the head of household from the tax for the single filer:
\[
8,916 - 7,689 = 1,227
\]
6. Conclusion:
- A taxpayer filing as head of household with a taxable income of $[/tex]57,620 would pay [tex]$7,689. This amount is $[/tex]1,227 less than what they would pay if they were filing as a single taxpayer.
I hope this explanation makes the tax comparison clear!
1. Identify the Income Bracket for Head of Household:
- Based on the table provided, the income bracket for someone filing as head of household with a taxable income of $[/tex]57,620 falls between [tex]$57,600 and $[/tex]58,000.
2. Determine the Tax Amount for Head of Household:
- For the income bracket [tex]$57,600 to $[/tex]58,000, the tax amount according to the table is [tex]$7,689.
3. Identify the Income Bracket for Single Filer:
- Similarly, for someone filing as single, the taxable income of $[/tex]57,620 also falls within the [tex]$57,600 to $[/tex]58,000 bracket.
4. Determine the Tax Amount for Single Filer:
- Within this income bracket for a single filer, the tax amount is [tex]$8,916.
5. Calculate the Difference in Tax Paid:
- To find out how much less a head of household would pay compared to a single filer, subtract the tax for the head of household from the tax for the single filer:
\[
8,916 - 7,689 = 1,227
\]
6. Conclusion:
- A taxpayer filing as head of household with a taxable income of $[/tex]57,620 would pay [tex]$7,689. This amount is $[/tex]1,227 less than what they would pay if they were filing as a single taxpayer.
I hope this explanation makes the tax comparison clear!