Determine the Tax Liability in Each of the Following Cases

question 41

Essay

Determine the tax liability in each of the following cases.
a.Single individual,taxable income of $54,985.
b.Married couple,taxable income of $66,717.
c.Single individual,wage income of $82,437.No other sources of income.

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Definitions:

Years

Units of time equal to 365 days (or 366 days in a leap year), used as a measure of time passing.

Linear Programming

A mathematical technique for optimizing a linear objective function, subject to linear equality and inequality constraints.

Overtime

Time worked by employees beyond their normal working hours, typically compensated at a higher pay rate.

Subcontracting

The process of assigning specific portions of work or projects to external parties or businesses.