Math question-finance

Question

Adam works as a teacher in nyc. His gross income would be $127,845.00. How much does he pay in total federal tax to the nearest cent?

Answer 1

Assuming that Adam is single and has no dependents, and taking into account the standard deduction and personal exemption, his taxable income would be approximately $93,710. This puts him in the 24% tax bracket.

To calculate his federal tax, we can use the following formula:

federal tax = taxable income x tax rate - tax credits

Using Adam's numbers, we get:

federal tax = $93,710 x 0.24 - 0 = $22,490.40

Therefore, Adam would pay approximately $22,490.40 in federal taxes to the nearest cent.