You earned $62,715 this year and your Income tax calculator says you owe $8,818 in taxes. But you neglected to deduct $1,000 for

Question

2 years ago

6

You earned $62,715 this year and your Income tax calculator says you owe $8,818 in taxes. But you neglected to deduct $1,000 for

your dependent Grandfather and the $5,000 you put in an IRA. This reduces your income by $6,000 to $56,715. Your new effective tax rate is 10.70%. What is the difference in your old $62,715 based tax debt and the updated tax debt with another dependent and the IRA contribution?

Mathematics

1 answer:

zepelin [54] · Answer 1 · 2022-05-31T15:28:21+03:00

zepelin [54]2 years ago

6 0

Answer: 2,749.50

Step-by-step explanation:

56,715*10.70% = 6068.505

8818 - 6068.505 = 2,749.50