Required: Cameron is single and has taxable income of $92,772. Determine his tax liability using the tax tables and using the tax rate schedules. (Round your intermediat
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Cameron is single and has taxable income of $92,772. Determine his tax liability using the tax tables and using the tax rate schedules. (Round your intermediate computations and final answers to 2 decimal places.)
Tax liability using tax tables: 16346
Tax liability using Tax Rate Schedule
Schedule X-Single
If taxable income is over: But not over: The tax is:
$ 0 $ 9,875 10% of taxable income
$ 9,875 $ 40,125 $987.50 plus 12% of the excess over $9,875
$ 40,125 $ 85,525 $4,617.50 plus 22% of the excess over $40,125
$ 85,525 $ 163,300 $14,605.50 plus 24% of the excess over $85,525
$ 163,300 $ 207,350 $33,271.50 plus 32% of the excess over $163,300
$ 207,350 $ 518,400 $47,367.50 plus 35% of the excess over $207,350
$ 518,400 — $156,235.00 plus 37% of the excess over $518,400
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