Assume the following: Single filing status. • Total Income of $100,000 . . . . . Adjustments of $2,000 Deductions of $12,950 Tax Payments of $3,000 Tax Credit of $4,000 How much do you still owe in taxes? Hint: calculate your Taxable Income. Then calculate your Total Taxes Due. Tax Rate 10% 12% 22% 24% 32% 35% 37% $13,400 $7,018.50 $13,138.50 $10,400 2023 Federal Income Tax Brackets Single Up to $11,000 $11,001 to $44,725 $44,726 to $95,375 $95,376 to $182,100 $182,101 to $231,250 $231,251 to $578,125 Over $578,126 Married Filing Jointly Head of Household Up to $22,000 $22,001 to $89,450 Up to $15,700 $15,701 to $59,850 $59,851 to $95,350 $89,451 to $190,750 $190,751 to $364,200 $95,351 to $182,100 $364,201 to $462,500 $182,101 to $231,250 $462,501 to $693,750 $231,251 to $578,100 Over $693,751 Over $578,101

Assume the following: Single filing status. • Total Income of $100,000 . . . . . Adjustments of $2,000 Deductions of $12,950 Tax Payments of $3,000 Tax Credit of $4,000 How much do you still owe in taxes? Hint: calculate your Taxable Income. Then calculate your Total Taxes Due. Tax Rate 10% 12% 22% 24% 32% 35% 37% $13,400 $7,018.50 $13,138.50 $10,400 2023 Federal Income Tax Brackets Single Up to $11,000 $11,001 to $44,725 $44,726 to $95,375 $95,376 to $182,100 $182,101 to $231,250 $231,251 to $578,125 Over $578,126 Married Filing Jointly Head of Household Up to $22,000 $22,001 to $89,450 Up to $15,700 $15,701 to $59,850 $59,851 to $95,350 $89,451 to $190,750 $190,751 to $364,200 $95,351 to $182,100 $364,201 to $462,500 $182,101 to $231,250 $462,501 to $693,750 $231,251 to $578,100 Over $693,751 Over $578,101

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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