Question

miley, a single taxpayer, plans on reporting $34,175 of taxable income this year (all of her income is from a part-time job). she is considering applying for a second part-time job that would give her an additional $11,400 of taxable income. by how much will the income from the second job increase her tax liability? (use the tax rate schedules.)

Answer 1

Increases in tax liability = $5,972 -  $3916.50

$2055.5

The second employment will result in a $2055.5 increase in tax obligations.

Tax liability is the total amount of taxes that a person, business, or other entity owes to the government. Tax liabilities include sales taxes, capital gains taxes, and income taxes.

What is tax liability?

Your total tax obligation is the sum of the taxes you owe the IRS for your self-employment tax, capital gains tax, and any penalties or interest. Tax liabilities are short-term obligations for firms that are listed on a balance sheet and paid off within a year.

When the taxable income is $34,175, the total tax due is:

Tax rate from $0 to $9,225 is 10%, or $9,225 multiplied by 10/100, or $922.50.

We move on to the following class because her income is still higher ($9,225 to $34,175 =12% = $34,175 - $9,225 = $24950 * 12/100 = $2994;

When the taxable income is $34,175 the total tax due is: =$2994 + $922.50 =$3916.50

Adding the second part-time employment results in taxable income totaling $45,575 ($34,175 + $11,400).

Once more, we advance in lessons.

$0 to $9,225 = 10% \s= $9,225*10/100\s=$922.50

$9,225

To learn more about  liability refer to:

brainly.com/question/25687338

#SPJ4