Question

Lynn is a single mother with two children's . She qualifies to file as head of household her total income was $27267 last year how much will Lynn owe taxes

Answer 1

Answer:

$3,078.04

Step-by-step explanation:

-Given her income is $27,267, she falls under the 10% and 12% brackets with the following boundaries as attached.

-Her tax is then calculated as;

#10% bracket;

$Tax=Taxable \ Income \times Tax \ Rate\\\\=9700\times 10\%\\\\\\=\ 970.00$

#12% Tax bracket:

$Tax=Taxable \ Income \times Tax \ Rate\\\\=(27267-9700)\times 12\%\\\\\\=\ 2108.04$

The total tax=970+2108.04=$3,078.04

Hence, Lynn owes $3,078.04 in taxes.