2017 Individual Tax Rates Single Individuals If Your Taxable Income Is You Pay This Amount on the Base of the Bracket Plus This Percentage on the Excess over the Base (Marginal Rate) Average Tax Rate at Top of Bracket Up to $9,325 $0 10.0% 10.0% $9,325 - $37,950 932.50 15.0 13.8 $37,950 - $91,900 5,226.25 25.0 20.4 $91,900 - $191,650 18,713.75 28.0 24.3 $191,650 - $416,700 46,643.75 33.0 29.0 $416,700 - $418,400 120,910.25 35.0 29.0 Over $418,400 121,505.25 39.6 39.6 Standard deduction for individual: $6,350 Married Couples Filing Joint Returns If Your Taxable Income Is You Pay This Amount on the Base of the Bracket Plus This Percentage on the Excess over the Base (Marginal Rate) Average Tax Rate at Top of Bracket Up to $18,650 $0 10.0% 10.0% $18,650 - $75,900 1,865.00 15.0 13.8 $75,900 - $153,100 10,452.50 25.0 19.4 $153,100 - $233,350 29,752.50 28.0 22.4 $233,350 - $416,700 52,222.50 33.0 27.1 $416,700 - $470,700 112,728.00 35.0 28.0 Over $470,700 131,628.00 39.6 39.6 Standard deduction for married couples filing jointly: $12,700 Quantitative Problem: Jenna is a single taxpayer with no dependents so she qualifies for one personal exemption. During 2017, she earned wages of $107,000. She doesn't itemize deductions, so she will take the standard deduction and her personal exemption to calculate 2017 taxable income. In addition, during the year she sold common stock that she had owned for five years for a net profit of $4,400. How much does Jenna owe to the IRS for taxes? Round your intermediated and final answers to the nearest cent. $

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Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.