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
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Chapter1: Financial Statements And Business Decisions
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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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