1 answer

What is the tax liability of $302,000 using the single taxpayers - 2018

Question:

what is the tax liability of $302,000 using the single taxpayers - 2018


Answers

The tax brackets & standard deductions for the year 2018 for single tax payers are as follows,

  • 10%: $0 to $9,525 of taxable income
  • 12%: $9,526 to $38,700
  • 22%: $38,701 to $82,500
  • 24%: $82,501 to $157,500
  • 32%: $157,501 to $200,000
  • 35%: $200,001 to $500,000
  • 37%: over $500,000
  • Standard deduction: $12,000

Applying the above rates, tax payable on 302,000 is 81,389.5

Deducting the standard deduction of 12,000.

The tax payable would be 69,390.

.

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