Question

Use the appropriate Tax Rate Schedule below to answer the questions.
Schedule Z-A " Use if your filing status is married filing jointly
If your taxable income is over: but is not over: Then your tax owed is... of the amount over "
0 33,950 15.0% 0
33,950 87,700 5,092.50 + 28.0% 33,950
87,700 142,000 20,142.50 + 31.0% 87,700
142,000 278,450 36,975.50 + 36.0% 142,000
278,450 ........ 86,097.50 + 39.6% 278,450

Schedule Z-B " Use if your filing status is single
If your taxable income is over: but is not over: Then your tax owed is... of the amount over "
0 18,550 15.0% 0
18,550 44,900 2,782.50 + 28.0% 18,550
44,900 93,130 10,160.50 + 33.0% 44,900

A) Find the taxed owed by someone whose filing status is single and whose taxable income is $48,000.
B) Find how much more or less this taxpayer would pay with a flat tax of 20%. If less enter your answer as negative.
Round answers to 2 decimal places.

Answer

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