00:01
Okay, so the tax for each filling status and taxable income amount can be determined using the 2021 tax brackets and rates provided by the irs.
00:11
For a single filer with a taxable income of 57 ,723, the tax would be calculated as the first 9 ,950 of income is taxated at 10%, that is 9 ,950 times 0 .10, which is equal to 995.
00:30
The income between 9951 and 40525 is taxated at 12%.
00:37
So we have 40525 minus 9951 times 0 .12 which is equal to 3633 .48.
00:48
The income between 40526 and 57723 is taxated at 22%.
00:56
So this would be equal to 57 ,723 minus 40 ,526 times 0 .22 and this is equal to 3 ,789 .14.
01:09
The total tax is the sum of the amounts 995 plus 3633 .48 plus 3 ,789 .14 and this is equal to 8 ,417 .62.
01:22
Therefore, the tax for a single filer with a taxable income of 57 ,723 is 8 ,417 .62.
01:33
Now, for a head of household filer with a taxable income of 60 ,950, the tax would be calculated as the first 14 ,200 of income is taxated at 10%, that is 14 ,200 times 0 .10, which is equal to 1 ,420.
01:50
The income between 14 ,201 and 54 ,200 is taxated at 12%.
01:56
So this is equal to 54 ,200 minus 14 ,201 times 0 .12 which is equal to 4 ,080 .12...