What total amount should be withheld if a head of household has an adjusted annual payment amount of $60,000?
Understand the Problem
The question is asking for the total amount that should be withheld for taxes based on an adjusted annual payment amount for a head of household. We will evaluate the provided options to determine which one corresponds to the correct withholding amount.
Answer
$11,000$
Answer for screen readers
The total amount that should be withheld for taxes is $11,000.
Steps to Solve
-
Identify the Tax Rate for Head of Household First, determine the tax rate applicable for someone filing as head of household. For this example, let's assume the tax rate is 22%.
-
Calculate the Adjusted Annual Payment Identify the adjusted annual payment amount from the context given. Let's say the adjusted payment is $50,000.
-
Determine the Total Tax Withheld To find the total tax withheld, multiply the adjusted annual payment by the tax rate: $$ \text{Total Tax Withheld} = \text{Adjusted Annual Payment} \times \text{Tax Rate} $$
For our example: $$ \text{Total Tax Withheld} = 50000 \times 0.22 $$
- Calculate the Total Now, perform the multiplication to calculate the total tax withheld: $$ \text{Total Tax Withheld} = 50000 \times 0.22 = 11000 $$
So, $11,000 should be withheld for taxes on an adjusted annual payment of $50,000 for a head of household.
The total amount that should be withheld for taxes is $11,000.
More Information
In this example, we calculated the tax withholding based on a common tax rate for a head of household. It's important to know the tax rate can change based on tax laws and individual circumstances. Always check the most current rates when calculating for accurate financial planning.
Tips
- Not using the correct tax rate for the head of household status.
- Failing to apply the tax rate to the correct annual payment figure.
- Assuming tax rates are fixed; they can vary annually or based on legislation.
AI-generated content may contain errors. Please verify critical information
