Find the amounts as indicated. The letter following the name indicates the marital status, and all married people are filing jointly. Use $4050 for each personal exemption; a standard deduction of $6300 for single people, $12,600 for married people filing jointly, $6300 for married people filing separately, and $9300 for head of a household; and the following tax rate schedule. MARRIED FILING JOINTLYTaxable Income Find the Tax $0 - $18,55010% $18,551 - $75,300$1,855 plus 15% of the amount over $18,550 $75,301 - $151,900$10,367.50 plus 25% of the amount over $75,300 $151,901 - $231,450$29,517.50 plus 28% of the amount over $151,900 $231,451 - $413,350$51,791.50 plus 33% of the amount over $231,450 $413,351 - $466,950$111,818.50 plus 35% of the amount over $413,350 $466,951 or more$130,578.50 plus 39.6% of the amount over $466,950 45) Name: The Edwards, MNumber of Exemptions: 3Adjusted Gross Income: $100,248Total Deductions: $12,703Taxable Income: ?Tax Owed: ?

The following calculations represent the Taxable Income and Tax owed by The Edwards, M:…

Answered: Find the amounts as indicated. The…

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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Find the amounts as indicated. The letter following the name indicates the marital status, and all married people are filing jointly. Use $4050 for each personal exemption; a standard deduction of $6300 for single people, $12,600 for married people filing jointly, $6300 for married people filing separately, and $9300 for head of a household; and the following tax rate schedule.

MARRIED FILING JOINTLY
Taxable Income	Find the Tax
$0 - $18,550	10%
$18,551 - $75,300	$1,855 plus 15% of the amount over $18,550
$75,301 - $151,900	$10,367.50 plus 25% of the amount over $75,300
$151,901 - $231,450	$29,517.50 plus 28% of the amount over $151,900
$231,451 - $413,350	$51,791.50 plus 33% of the amount over $231,450
$413,351 - $466,950	$111,818.50 plus 35% of the amount over $413,350
$466,951 or more	$130,578.50 plus 39.6% of the amount over $466,950

45)

Name: The Edwards, M

Number of Exemptions: 3

Adjusted Gross Income: $100,248

Total Deductions: $12,703

Taxable Income: ?

Tax Owed: ?

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