Questions: This table shows the U.S. federal income tax rates from 2014. (Source: Internal Revenue Service) Rate Single Married Filing Jointly Married Filling Separately Head of Household 10% 0-9,075 0-18,150 0-9,075 0-12,950 15% 9,075-36,900 18,150-73,800 9,075-36,900 12,950-49,400 25% 36,900-89,350 73,800-148,850 36,900-74,425 49,400-127,550 28% 89,350-186,350 148,850-226,850 74,425-113,425 127,550-206,600 33% 186,350-405,100 226,850-405,100 113,425-202,550 206,600-405,100 35% 405,100-406,750 405,100-457,600 202,550-228,800 405,100-432,200 39.6% Over 406,750 Over 457,600 Over 228,800 Over 432,200

This table shows the U.S. federal income tax rates from 2014. (Source: Internal Revenue Service) Rate Single Married Filing Jointly Married Filling Separately Head of Household 10% 0-9,075 0-18,150 0-9,075 0-12,950 15% 9,075-36,900 18,150-73,800 9,075-36,900 12,950-49,400 25% 36,900-89,350 73,800-148,850 36,900-74,425 49,400-127,550 28% 89,350-186,350 148,850-226,850 74,425-113,425 127,550-206,600 33% 186,350-405,100 226,850-405,100 113,425-202,550 206,600-405,100 35% 405,100-406,750 405,100-457,600 202,550-228,800 405,100-432,200 39.6% Over 406,750 Over 457,600 Over 228,800 Over 432,200
Transcript text: This table shows the U.S. federal income tax rates from 2014. (Source: Internal Revenue Service) \begin{tabular}{|c|c|c|c|c|} \hline Rate & Single & Married Filing Jointly & Married Filling Separately & Head of Household \\ \hline $10 \%$ & $\$ 0-\$ 9,075$ & $\$ 0-\$ 18,150$ & $\$ 0-\$ 9,075$ & $\$ 0-\$ 12,950$ \\ \hline $15 \%$ & $\$ 9,075-\$ 36,900$ & $\$ 18,150-\$ 73,800$ & $\$ 9,075-\$ 36,900$ & $\$ 12,950-\$ 49,400$ \\ \hline $25 \%$ & $\$ 36,900-\$ 89,350$ & $\$ 73,800-\$ 148,850$ & $\$ 36,900-\$ 74,425$ & $\$ 49,400-\$ 127,550$ \\ \hline $28 \%$ & $\$ 89,350-\$ 186,350$ & $\$ 148,850-\$ 226,850$ & $\$ 74,425-\$ 113,425$ & $\$ 127,550-\$ 206,600$ \\ \hline $33 \%$ & $\$ 186,350-\$ 405,100$ & $\$ 226,850-\$ 405,100$ & $\$ 113,425-\$ 202,550$ & $\$ 206,600-\$ 405,100$ \\ \hline $35 \%$ & $\$ 405,100-\$ 406,750$ & $\$ 405,100-\$ 457,600$ & $\$ 202,550-\$ 228,800$ & $\$ 405,100-\$ 432,200$ \\ \hline $39.6 \%$ & Over $\$ 406,750$ & Over $\$ 457,600$ & Over $\$ 228,800$ & Over $\$ 432,200$ \\ \hline \end{tabular}
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Solution

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Solution Steps

To calculate the income tax for a given taxable income and filing status, we need to apply the tax rates to the corresponding income brackets. We will iterate through the tax brackets, applying the appropriate tax rate to the portion of income that falls within each bracket, and sum the results to get the total tax owed.

Step 1: Determine the Tax Brackets and Rates

For a single filer with a taxable income of \$40,000, the tax brackets and rates are as follows:

  • \(0\% \text{ to } \$9,075\) at \(10\%\)
  • \(\$9,075 \text{ to } \$36,900\) at \(15\%\)
  • \(\$36,900 \text{ to } \$89,350\) at \(25\%\)
Step 2: Calculate Tax for Each Bracket
  1. For the first bracket (\(0\% \text{ to } \$9,075\)): \[ \text{Tax} = \$9,075 \times 0.10 = \$907.50 \]
  2. For the second bracket (\(\$9,075 \text{ to } \$36,900\)): \[ \text{Tax} = (\$36,900 - \$9,075) \times 0.15 = \$27,825 \times 0.15 = \$4,173.75 \]
  3. For the third bracket (\(\$36,900 \text{ to } \$40,000\)): \[ \text{Tax} = (\$40,000 - \$36,900) \times 0.25 = \$3,100 \times 0.25 = \$775.00 \]
Step 3: Sum the Taxes from All Brackets

\[ \text{Total Tax} = \$907.50 + \$4,173.75 + \$775.00 = \$5,856.25 \]

Final Answer

The tax owed for a single filer with an income of \$40,000 is: \[ \boxed{\$5,856.25} \]

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