Answer :
To determine how much tax Mallory needs to pay based on her taxable income and the provided tax table, let's follow these steps:
1. Identify Mallory's Taxable Income:
Mallory's taxable income for the year is \[tex]$62,800.
2. Examine the Tax Table:
We're using a tax table where different income ranges have specified tax amounts. Our goal is to find the income range that includes \$[/tex]62,800 for someone filing with the "Single" status.
3. Locating the Correct Tax Bracket:
By checking the tax table, we find the row that covers the income bracket from \[tex]$62,750 to \$[/tex]62,800. This bracket specifically lists a tax amount for someone with a taxable income that tops at \[tex]$62,800.
4. Determine the Tax Amount:
According to the tax table, if Mallory's taxable income is exactly \$[/tex]62,800 and she files as "Single," the tax she has to pay is \[tex]$11,881.
5. Conclusion:
Thus, based on the table, Mallory should pay \$[/tex]11,881 in taxes for her taxable income of \$62,800.
This is a step-by-step guide to understanding how Mallory's tax was determined based on the given information.
1. Identify Mallory's Taxable Income:
Mallory's taxable income for the year is \[tex]$62,800.
2. Examine the Tax Table:
We're using a tax table where different income ranges have specified tax amounts. Our goal is to find the income range that includes \$[/tex]62,800 for someone filing with the "Single" status.
3. Locating the Correct Tax Bracket:
By checking the tax table, we find the row that covers the income bracket from \[tex]$62,750 to \$[/tex]62,800. This bracket specifically lists a tax amount for someone with a taxable income that tops at \[tex]$62,800.
4. Determine the Tax Amount:
According to the tax table, if Mallory's taxable income is exactly \$[/tex]62,800 and she files as "Single," the tax she has to pay is \[tex]$11,881.
5. Conclusion:
Thus, based on the table, Mallory should pay \$[/tex]11,881 in taxes for her taxable income of \$62,800.
This is a step-by-step guide to understanding how Mallory's tax was determined based on the given information.