HopeBordelon4
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Kevin is filing his return under the single status. His taxable income is $125,500 per year. What tax bracket would he be in?

Sagot :

anthougo

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.

Learn more about tax brackets at https://brainly.com/question/26925285

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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

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