To determine the federal income tax owed on a $57,600 salary, follow these steps considering the provided progressive tax rates and the standard deduction.
1. Calculate Taxable Income:
[tex]\[
\text{Taxable Income} = \text{Salary} - \text{Standard Deduction}
\][/tex]
[tex]\[
\text{Taxable Income} = 57,600 - 12,200 = 45,400
\][/tex]
2. Apply the progressive tax rates to the taxable income:
[tex]\[
\text{Tax} = (\text{Amount taxed at 10%}) + (\text{Amount taxed at 12%}) + (\text{Amount taxed at 22%})
\][/tex]
- First tax bracket (0 to \$9,700):
[tex]\[
\text{Amount taxed at 10%} = 9,700 \times 0.10 = 970
\][/tex]
- Second tax bracket (9,701 to \$39,475):
[tex]\[
\text{Amount taxed at 12%} = (39,475 - 9,700) \times 0.12 = 29,775 \times 0.12 = 3,573
\][/tex]
- Third tax bracket (39,476 to \$45,400):
[tex]\[
\text{Amount taxed at 22%} = (45,400 - 39,475) \times 0.22 = 5,925 \times 0.22 = 1,303.5
\][/tex]
3. Add the tax from each bracket to get the total tax owed:
[tex]\[
\text{Tax} = 970 + 3,573 + 1,303.5 = 5,846.5
\][/tex]
Thus, the federal income tax owed on a [tex]$57,600 salary is $[/tex]5,846.5.
