51.Use the marginal tax rates in the table below to compute the taxowed in the following situation.Gene is single and had a taxable income of $35,000.Tax Rate10%15%25%28%33%35%39.6%Standard deductionExemption(per person)Singleup to $9325up to $37,950up to $91,900up to $191,650up to $416,700up to $418,400above $418,400$6350$4050The tax owed is $4484(Simplify your answer. Round to the nearest dollar as needed.)($35,000-9325)*15%25,675*15%-3851(Simplify your answer.)3851+932.5=478452. A man is in the 35% tax bracket and claims the standard deduction. How much will his tax bill be reduced if he qualifies for a $1000tax credit?His tax bill will be reduced by $

Solution is given below in step 2.

Answered: 51. Use the marginal tax rates in the…

Calculus: Early Transcendentals

8th Edition

ISBN:9781285741550

Author:James Stewart

Publisher:James Stewart

Chapter1: Functions And Models

Section: Chapter Questions

Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...

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Louise’s taxable income is $87450. Based on the following marginal rate schedule first $45,282 taxed at 15.00%; over $45,282 up to $90,563 taxed at 20.50% How much tax should Louise be submitting to Revenue Canada
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