Since Kevin is filing his tax return under the single status, he would be in the tax bracket of $86,376 to $164,925 with a marginal tax rate of 24%.
What is a tax bracket?
Under the progressive tax system, a tax bracket is a range of taxable incomes that is subject to a marginal tax rate.
Tax brackets provide a systematic way of progressively taxing taxpayers' income.
Data and Calculations:
Taxable income = $125,500
Since he falls under the tax bracket of $86,376 to $164,925, Kevin's tax rate is 24%.
Thus, as a single taxpayer, Kevin falls under the tax bracket of $86,376 to $164,925 with a marginal tax rate of 24% of taxable income.
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Question Completion:
Personal Income Tax Brackets for Single Filers:
Tax rate Taxable income bracket Tax owed
10% $0 to $9,950 10% of taxable income
12% $9,951 to $40,525 $995 plus 12% of the amount over $9,950
22% $40,526 to $86,375 $4,664 plus 22% of the amount over $40,525
24% $86,376 to $164,925 $14,751 plus 24% of the amount over $86,375
