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Gene is single and had an adjusted gross income of $35,200. Use the given tax table to complete parts (a) through (d). Tax Rate 10% 12% 22% 24% 32% 35% 37% Standard Deduction Single up to $9950 up to $40,525 up to $86,375 up to $164,925 up to $209,425 up to $523,600 above $523,600 $12,550 Married Filing Jointly up to $19,900 up to $81,050 up to $172,750 up to $329,850 up to $418,850 up to $628,300 above $628,300 $25,100 Married Filing Separately up to $9950 up to $40,525 up to $86,375 up to $164,925 up to $209,425 up to $314,150 above $314,150 $12,550 Head of Household up to $14,200 up to $54,200 up to $86,350 up to $164,900 up to $209,400 up to $523,600 above $523,600 $18,800 a. Determine the person's taxable income. Assume the standard deduction. The taxable income is $ 22650. (Simplify your answer.) b. Compute the tax owed. The tax owed is $ (Round to the nearest dollar as needed.)

Gene is single and had an adjusted gross income of $35,200. Use the given tax table to complete parts (a) through (d). Tax Rate 10% 12% 22% 24% 32% 35% 37% Standard Deduction Single up to $9950 up to $40,525 up to $86,375 up to $164,925 up to $209,425 up to $523,600 above $523,600 $12,550 Married Filing Jointly up to $19,900 up to $81,050 up to $172,750 up to $329,850 up to $418,850 up to $628,300 above $628,300 $25,100 Married Filing Separately up to $9950 up to $40,525 up to $86,375 up to $164,925 up to $209,425 up to $314,150 above $314,150 $12,550 Head of Household up to $14,200 up to $54,200 up to $86,350 up to $164,900 up to $209,400 up to $523,600 above $523,600 $18,800 a. Determine the person's taxable income. Assume the standard deduction. The taxable income is $ 22650. (Simplify your answer.) b. Compute the tax owed. The tax owed is $ (Round to the nearest dollar as needed.)

FINANCIAL ACCOUNTING
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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Gene is single and had an adjusted gross income of $35,200. Use the given tax table to complete parts (a) through (d). Tax Rate 10% 12% 22% 24% 32% 35% 37% Standard Deduction Single up to $9950 up to $40,525 up to $86,375 up to $164,925 up to $209,425 up to $523,600 above $523,600 $12,550 Married Filing Jointly up to $19,900 up to $81,050 up to $172,750 up to $329,850 up to $418,850 up to $628,300 above $628,300 $25,100 Married Filing Separately up to $9950 up to $40,525 up to $86,375 up to $164,925 up to $209,425 up to $314,150 above $314,150 $12,550 Head of Household up to $14,200 up to $54,200 up to $86,350 up to $164,900 up to $209,400 up to $523,600 above $523,600 $18,800 a. Determine the person's taxable income. Assume the standard deduction. The taxable income is $ 22650. (Simplify your answer.) b. Compute the tax owed. The tax owed is $. (Round to the nearest dollar as needed.)
Transcribed Image Text:Gene is single and had an adjusted gross income of $35,200. Use the given tax table to complete parts (a) through (d). Tax Rate 10% 12% 22% 24% 32% 35% 37% Standard Deduction Single up to $9950 up to $40,525 up to $86,375 up to $164,925 up to $209,425 up to $523,600 above $523,600 $12,550 Married Filing Jointly up to $19,900 up to $81,050 up to $172,750 up to $329,850 up to $418,850 up to $628,300 above $628,300 $25,100 Married Filing Separately up to $9950 up to $40,525 up to $86,375 up to $164,925 up to $209,425 up to $314,150 above $314,150 $12,550 Head of Household up to $14,200 up to $54,200 up to $86,350 up to $164,900 up to $209,400 up to $523,600 above $523,600 $18,800 a. Determine the person's taxable income. Assume the standard deduction. The taxable income is $ 22650. (Simplify your answer.) b. Compute the tax owed. The tax owed is $. (Round to the nearest dollar as needed.)
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