Tax Rate10%12%22%24%32%35%37%Unmarrieddivorced, orLegally seperatedSingleup to $9950$9951 to $40,525$40,526 to $86,375$86,376 to $164.925$164,926 to $209,425$209,426 to $523,600more than $523,600Gross income: $155,000Adjustments: $21.500Deductions: $4550:state taxesTax credit: $7500$10,800 mortgage interest$5400 property taxes$15.600 charitable contributionStandardDeduction $12,550Use the 2021 marginal tax rates in the above table to calculate the federal tax owed by married filing jointlyFill in the blank based on the above informationAdjusted gross income-$155.000Income tax-SHemized deduction-$36.350Taxable income-$133.500(Note: Here we use itemized deduction)Tax computation-SMarried and eachPartner files a separatetax returnMarried Filingseparatelyup to $9950$9951 to $40,525$40,526 to $86,375$86,376 to $164,925$164,926 to $209,425$209,426 to $314,150more than $314,15036.350$12,550-$21.500<-S 133.500Married and bothpartners file asingle tax returnMarriedFiling Jointlyup to $19,900$19,901 to $81,050$81,050 to $172,750$172,751 to $329,850$329,850 to $418,850$418,851 to $628,300more than $628,300-$ 97,150$25,100(Do not type a dollar symbol, If necessary, round to the nearest cent. Do not type space)Unmarried and payingmore than half the cost ofsupporting a child orparentHead ofHouseholdup to $14,200$14,201 to $54,200$54,201 to $86,350$86,351 to $164,900$164,901 to $209,400$209,401 to $523,600more than $523,600$18,800

Federal tax owed by married couples filing jointly pertains to the income tax due based on their…

Answered: Fill in the blank based on the above…

Fill in the blank based on the above information. Adjusted gross income - $ 155.000 llemized deduction-$36.350 Taxable Income-$ 133.500 BODIA $21.500 S 36.350 -$ 133,500 $ 97,150

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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Question

Tax Rate
10%
12%
22%
24%
32%
35%
37%
Unmarried
divorced, or
Legally seperated
Single
up to $9950
$9951 to $40,525
$40,526 to $86,375
$86,376 to $164.925
$164,926 to $209,425
$209,426 to $523,600
more than $523,600
Gross income: $155,000
Adjustments: $21.500
Deductions: $4550:state taxes
Tax credit: $7500
$10,800 mortgage interest
$5400 property taxes
$15.600 charitable contribution
Standard
Deduction $12,550
Use the 2021 marginal tax rates in the above table to calculate the federal tax owed by married filing jointly
Fill in the blank based on the above information
Adjusted gross income-$155.000
Income tax-S
Hemized deduction-$36.350
Taxable income-$133.500
(Note: Here we use itemized deduction)
Tax computation-S
Married and each
Partner files a separate
tax return
Married Filing
separately
up to $9950
$9951 to $40,525
$40,526 to $86,375
$86,376 to $164,925
$164,926 to $209,425
$209,426 to $314,150
more than $314,150
36.350
$12,550
-$21.500
<-S 133.500
Married and both
partners file a
single tax return
Married
Filing Jointly
up to $19,900
$19,901 to $81,050
$81,050 to $172,750
$172,751 to $329,850
$329,850 to $418,850
$418,851 to $628,300
more than $628,300
-$ 97,150
$25,100
(Do not type a dollar symbol, If necessary, round to the nearest cent. Do not type space)
Unmarried and paying
more than half the cost of
supporting a child or
parent
Head of
Household
up to $14,200
$14,201 to $54,200
$54,201 to $86,350
$86,351 to $164,900
$164,901 to $209,400
$209,401 to $523,600
more than $523,600
$18,800

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2023 TAXABLE INCOME FIRST $53,359 OVER $53,359 TO $106,717 OVER $106,717 TO $165,430 OVER $ $165,430 TO $237,675 OVER $235,675 FILL IN THE BLANK TAX RATE 15.00% 20.50% 26.00% 29.32% 33.00% B) The new marginal rate of tax for someone making a salary of $100,000 and gets an $8,000 salary increase. type your text here Based on the Canadian Federal Income Tax Brackets for 2023 shown above, calculate and input the numeric answers to the questions below. Round off your answers to the nearest dollar. Do not use $, decimals or comma. For example, instead of $23,486.52, write 23487. For answers requiring a tax rate, enter only the numeric value with two decimal places, with "%" symbol. For example, 20.50%).