For 2016,Tom Has Taxable Income of $48,005

question 103

Essay

For 2016,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:

Liver

The liver is a vital organ that plays a central role in metabolic processes including detoxification, producing plasma proteins, and secreting bile.

Pancreas

A glandular organ in the digestive and endocrine system that produces hormones and enzymes to aid in digestion and blood sugar regulation.

Chemical Digestion

The process of breaking down food into smaller molecules through chemical reactions, mainly involving enzymes, in the digestive system.

Small Intestine

A part of the intestine where most of the digestion and absorption of nutrients takes place.