Question

Laura is a single taxpayer, she has $35,000 in ordinary taxable income and $5,000 in capital gains on an investment she held for 2 years. use the tables to complete the statement

Answer 1

Going by the information given above, Laura is most likely going to belong to the tax bracket where the rate payable is 12%. This is because she is a single filer and her income is between $10,276 and $41,775.

What is a tax bracket?

Tax brackets are a series of income and tax layers by which people are defined based on how much they earn per annum.

The tax rates range from 10% to 37%. The rate applicable to a person or group of persons depends on

• whether or not they are single
• If married, whether they are filing jointly; and
• how much their annual income is subject to deductibles.

It is to be noted that a general answer was provided here due to insufficient details in the question.

Learn more about tax brackets at:

brainly.com/question/1615513

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