Homework Help is Here – Start Your Trial Now!
Business
Accounting
Use the 2016 marginal tax rates in the above table to calculate the federal tax owed by an unmarried head of household with two dependent children whose gross income, adjustments, deductions, and credits are given as follows: Gross income: $50,000 Adjustments: none Deductions: $4500: state taxes $2000: theft loss Tax credit: $2000 Fill in the blank based on the above information. Adjusted gross income = Total exemption for 3 persons = Taxable Income = - ( + 9300) = (Note: Here we use standared deduction) Tax computation Income tax = TABLE 8.1 2016 Marginal Tax Rates, Standard Deductions, and Exemptions Unmarried, divorced, or legally separated Married and each Married and both Unmarried and paying more than half the cost of partner files a separate tax return partners file a single tax return supporting a child or parent Married Filing Separately Married Head of Tax Rate Single Filing Jointly Household 10% up to $9275 up to $9275 up to $18,550 up to $13,250 15% $9276 to $37,650 $9276 to $37,650 $18,551 to $75,300 $13,251 to $50,400 25% $37,651 to $91,150 $37,651 to $75,950 $75,301 to $151,900 $50,401 to $130,150 28% $91,151 to $190,150 $75,951 to $115,725 $151,901 to $231,450 $130,151 to $210,800 33% $190,151 to $413,350 $115,726 to $206,675 $231,451 to $413,350 $210,801 to $413,350 35% $413,351 to $415,050 $206,676 to $233,475 $413,351 to $466,950 $413,351 to $441,000 39.6% more than $415,050 more than $233,475 mоre than $466,950 more than $441,000 Standard Deduction $6300 $6300 $12,600 $9300 Exemptions (per person) $4050 $4050 $4050 $4050

Use the 2016 marginal tax rates in the above table to calculate the federal tax owed by an unmarried head of household with two dependent children whose gross income, adjustments, deductions, and credits are given as follows: Gross income: $50,000 Adjustments: none Deductions: $4500: state taxes $2000: theft loss Tax credit: $2000 Fill in the blank based on the above information. Adjusted gross income = Total exemption for 3 persons = Taxable Income = - ( + 9300) = (Note: Here we use standared deduction) Tax computation Income tax = TABLE 8.1 2016 Marginal Tax Rates, Standard Deductions, and Exemptions Unmarried, divorced, or legally separated Married and each Married and both Unmarried and paying more than half the cost of partner files a separate tax return partners file a single tax return supporting a child or parent Married Filing Separately Married Head of Tax Rate Single Filing Jointly Household 10% up to $9275 up to $9275 up to $18,550 up to $13,250 15% $9276 to $37,650 $9276 to $37,650 $18,551 to $75,300 $13,251 to $50,400 25% $37,651 to $91,150 $37,651 to $75,950 $75,301 to $151,900 $50,401 to $130,150 28% $91,151 to $190,150 $75,951 to $115,725 $151,901 to $231,450 $130,151 to $210,800 33% $190,151 to $413,350 $115,726 to $206,675 $231,451 to $413,350 $210,801 to $413,350 35% $413,351 to $415,050 $206,676 to $233,475 $413,351 to $466,950 $413,351 to $441,000 39.6% more than $415,050 more than $233,475 mоre than $466,950 more than $441,000 Standard Deduction $6300 $6300 $12,600 $9300 Exemptions (per person) $4050 $4050 $4050 $4050

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
Please do Taxable Income type it out
Use the 2016 marginal tax rates in the above table to calculate the federal tax owed by an unmarried head of household with two dependent children whose gross income, adjustments, deductions, and credits are given as follows: Gross income: $50,000 Adjustments: none Deductions: $4500: state taxes $2000: theft loss Tax credit: $2000 Fill in the blank based on the above information. Adjusted gross income = Total exemption for 3 persons = Taxable Income = - ( + 9300) = (Note: Here we use standared deduction) Tax computation Income tax =
Transcribed Image Text:Use the 2016 marginal tax rates in the above table to calculate the federal tax owed by an unmarried head of household with two dependent children whose gross income, adjustments, deductions, and credits are given as follows: Gross income: $50,000 Adjustments: none Deductions: $4500: state taxes $2000: theft loss Tax credit: $2000 Fill in the blank based on the above information. Adjusted gross income = Total exemption for 3 persons = Taxable Income = - ( + 9300) = (Note: Here we use standared deduction) Tax computation Income tax =
TABLE 8.1 2016 Marginal Tax Rates, Standard Deductions, and Exemptions Unmarried, divorced, or legally separated Married and each Married and both Unmarried and paying more than half the cost of partner files a separate tax return partners file a single tax return supporting a child or parent Married Filing Separately Married Head of Tax Rate Single Filing Jointly Household 10% up to $9275 up to $9275 up to $18,550 up to $13,250 15% $9276 to $37,650 $9276 to $37,650 $18,551 to $75,300 $13,251 to $50,400 25% $37,651 to $91,150 $37,651 to $75,950 $75,301 to $151,900 $50,401 to $130,150 28% $91,151 to $190,150 $75,951 to $115,725 $151,901 to $231,450 $130,151 to $210,800 33% $190,151 to $413,350 $115,726 to $206,675 $231,451 to $413,350 $210,801 to $413,350 35% $413,351 to $415,050 $206,676 to $233,475 $413,351 to $466,950 $413,351 to $441,000 39.6% more than $415,050 more than $233,475 mоre than $466,950 more than $441,000 Standard Deduction $6300 $6300 $12,600 $9300 Exemptions (per person) $4050 $4050 $4050 $4050
Transcribed Image Text:TABLE 8.1 2016 Marginal Tax Rates, Standard Deductions, and Exemptions Unmarried, divorced, or legally separated Married and each Married and both Unmarried and paying more than half the cost of partner files a separate tax return partners file a single tax return supporting a child or parent Married Filing Separately Married Head of Tax Rate Single Filing Jointly Household 10% up to $9275 up to $9275 up to $18,550 up to $13,250 15% $9276 to $37,650 $9276 to $37,650 $18,551 to $75,300 $13,251 to $50,400 25% $37,651 to $91,150 $37,651 to $75,950 $75,301 to $151,900 $50,401 to $130,150 28% $91,151 to $190,150 $75,951 to $115,725 $151,901 to $231,450 $130,151 to $210,800 33% $190,151 to $413,350 $115,726 to $206,675 $231,451 to $413,350 $210,801 to $413,350 35% $413,351 to $415,050 $206,676 to $233,475 $413,351 to $466,950 $413,351 to $441,000 39.6% more than $415,050 more than $233,475 mоre than $466,950 more than $441,000 Standard Deduction $6300 $6300 $12,600 $9300 Exemptions (per person) $4050 $4050 $4050 $4050
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS