For 2019, Tom Has Taxable Income of $48,005

question 9

Essay

For 2019, Tom has taxable income of $48,005. When he uses the Tax Tables, Tom finds that his tax liability is higher than under the Tax Rate Schedules.

a. Why is there a difference?
b. Can Tom use the Tax Rate Schedules?

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Definitions:

Carboniferous

A geologic period and system that occurred around 359 to 299 million years ago, known for its vast swamp forests and the formation of significant coal deposits.

Ordovician

A geological period, approximately 485 to 444 million years ago, marked by significant diversification of life, especially in marine environments.

Cretaceous

A geological period from about 145 to 66 million years ago, known for the dominance of dinosaurs and ending with their mass extinction.

Pleistocene

The geological epoch lasting from about 2.6 million to 11,700 years ago, characterized by the last period of significant ice ages.