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Chapter 8: Problem 14

a head of household with a taxable income of \(\$ 46,000\) and a \(\$ 3000\) tax credit

Short Answer

Expert verified
The head of the household would have a payable tax of \(\$7120\) after applying the available tax credit.

Step by step solution

01

Identify tax bracket

In this example, the taxable income is \(\$46,000\). According to the US federal income tax brackets, this falls in the 22% tax rate bracket for the tax year 2022, as it is more than \(\$40,525\) but less than \(\$86,375\) for the head of a household.
02

Calculate tax payable

The tax payable is calculated as follows: \[Taxable Income * Tax rate = \$46,000 * 0.22 = \$10,120\]
03

Apply tax credit

The tax credit of \(\$3000\) can be subtracted directly from the tax payable. This yields a result of: \[Tax Payable - Tax Credit = \$10,120 - \$3000 = \$7,120\]
04

Confirm results

The head of the household would therefore have a payable tax of \$7,120 after applying the available tax credit.

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