If Mary’s taxable income is $68,562, how much income tax does she owe, rounded to the nearest dollar?
a.
$13,564
b.
$17,140
c.
$21,527
d.
$12,349
To determine the amount of income tax Mary owes, we need to use the tax brackets and rates for the given taxable income. Without knowing the specific tax brackets and rates, it is not possible to determine the exact amount of income tax she owes.
However, we can make an estimate based on a common set of tax brackets for the year 2021. Keep in mind that tax rates and brackets can vary depending on the country and year.
Assuming the following tax brackets and rates for taxable income:
- 10% on the first $9,950
- 12% on income between $9,951 and $40,525
- 22% on income between $40,526 and $86,375
- 24% on income between $86,376 and $164,925
- 32% on income between $164,926 and $209,425
- 35% on income between $209,426 and $523,600
- 37% on income over $523,600
Based on these brackets, we can estimate the income tax owed by Mary:
- $9,950 * 10% = $995
- ($40,525 - $9,951) * 12% = $3,626
- ($68,562 - $40,526) * 22% = $6,123
Adding these amounts together, we get an estimated income tax owed as follows:
$995 + $3,626 + $6,123 = $10,744
Rounded to the nearest dollar, the estimated income tax Mary owes is $10,744.
Since none of the provided answer choices is close to this estimate, the correct option is not present.