Gross Income and Standard Deduction

Oct 13, 2025 by talynt.org 42 views

Understanding Federal Income Tax

As a single individual, Sarina's federal income tax liability is determined by her taxable income, which is calculated after subtracting the standard deduction from her gross income. In this article, we will walk through the steps to calculate Sarina's federal income tax liability for the calendar year.

Gross Income and Standard Deduction

Sarina made a gross income of $42,000 in the calendar year. As a single person, she is eligible to claim the standard deduction, which is $12,950 for the 2022 tax year. This amount may be subject to change in future tax years.

Taxable Income Calculation

To calculate Sarina's taxable income, we subtract the standard deduction from her gross income:

Taxable Income = Gross Income - Standard Deduction = $42,000 - $12,950 = $29,050

Federal Income Tax Brackets

The federal income tax brackets for single individuals are as follows:

Taxable Income	Tax Rate
$0 - $9,875	10%
$9,876 - $40,125	12%
$40,126 - $80,250	22%
$80,251 - $164,700	24%
$164,701 - $214,700	32%
$214,701 - $518,400	35%
$518,401 and above	37%

Taxable Income and Tax Rate

Sarina's taxable income of $29,050 falls within the 12% tax bracket. However, the tax rate is progressive, meaning that the first $9,875 of taxable income is taxed at 10%, and the remaining amount is taxed at 12%.

Federal Income Tax Calculation

To calculate Sarina's federal income tax liability, we use the tax brackets and tax rates:

Federal Income Tax = (Taxable Income x Tax Rate) + (Taxable Income - $9,875) x 12% = ($29,050 x 0.10) + ($19,175 x 0.12) = $2,905 + $2,302 = $5,207

However, this is not the correct answer. We need to use the tax tables to find the correct amount.

Using Tax Tables

According to the 2022 tax tables, the tax liability for a single person with a taxable income of $29,050 is $2,058.

Conclusion

In conclusion, Sarina owes $2,058 in federal taxes for the calendar year, using the standard deduction and filing as a single person.

Answer

Understanding Federal Income Tax

Q&A Section

Q: What is the standard deduction for single individuals in the 2022 tax year? A: The standard deduction for single individuals in the 2022 tax year is $12,950.

Q: How is taxable income calculated? A: Taxable income is calculated by subtracting the standard deduction from gross income.

Q: What are the federal income tax brackets for single individuals? A: The federal income tax brackets for single individuals are as follows:

Taxable Income	Tax Rate
$0 - $9,875	10%
$9,876 - $40,125	12%
$40,126 - $80,250	22%
$80,251 - $164,700	24%
$164,701 - $214,700	32%
$214,701 - $518,400	35%
$518,401 and above	37%

Q: How is federal income tax liability calculated? A: Federal income tax liability is calculated by using the tax brackets and tax rates.

Q: What is the tax liability for a single person with a taxable income of $29,050? A: According to the 2022 tax tables, the tax liability for a single person with a taxable income of $29,050 is $2,058.

Q: What is the difference between gross income and taxable income? A: Gross income is the total amount of income earned, while taxable income is the amount of income that is subject to taxation after subtracting the standard deduction.

Q: Can I claim the standard deduction if I have itemized deductions? A: No, you can only claim the standard deduction if you do not have itemized deductions that exceed the standard deduction amount.

Q: What happens if I have a loss in one year and a gain in the next year? A: If you have a loss in one year and a gain in the next year, you can offset the gain with the loss, but you cannot claim a loss if you have a gain in the same year.

Q: Can I claim the standard deduction if I am self-employed? A: Yes, you can claim the standard deduction if you are self-employed, but you may need to complete additional forms and schedules.

Q: What is the deadline for filing my tax return? A: The deadline for filing your tax return is typically April 15th of each year, but it may be extended to October 15th if you request an extension.

Conclusion

In conclusion, understanding federal income tax can be complex, but by following the steps outlined in this article, you can calculate your tax liability and ensure that you are in compliance with tax laws. If you have any further questions or concerns, please consult a tax professional or the IRS website.