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is a head of​ household, earned wages of ​$86,500​, received ​$4800 in interest from a savings​ account, contributed ​$6700 to a​ tax-deferred retirement​ plan, and had itemized deductions totaling ​$19,950. Find the gross​ income, adjusted gross​ income, and taxable income.   Tax Rate Single Married Filing Jointly Married Filing Separately Head of Household 10​% up to ​$9950 up to ​$19,900 up to ​$9950 up to ​$14,200 12​% up to ​$40,525 up to ​$81,050 up to ​$40,525 up to ​$54,200 22​% up to ​$86,375 up to ​$172,750 up to ​$86,375 up to ​$86,350 24​% up to ​$164,925 up to ​$329,850 up to ​$164,925 up to ​$164,900 32​% up to ​$209,425 up to ​$418,850 up to ​$209,425 up to ​$209,400 35​% up to ​$523,600 up to ​$628,300 up to ​$314,150 up to ​$523,600 37​% above ​$523,600 above ​$628,300 above ​$314,150 above ​$523,600 Standard Deduction ​$12,550 ​$25,100 ​$12,550 ​$18,800     Isabella​'s gross income was ​$ Isabella​'s adjusted gross income was ​$ Isabella​'s taxable income was ​$

is a head of​ household, earned wages of ​$86,500​, received ​$4800 in interest from a savings​ account, contributed ​$6700 to a​ tax-deferred retirement​ plan, and had itemized deductions totaling ​$19,950. Find the gross​ income, adjusted gross​ income, and taxable income.   Tax Rate Single Married Filing Jointly Married Filing Separately Head of Household 10​% up to ​$9950 up to ​$19,900 up to ​$9950 up to ​$14,200 12​% up to ​$40,525 up to ​$81,050 up to ​$40,525 up to ​$54,200 22​% up to ​$86,375 up to ​$172,750 up to ​$86,375 up to ​$86,350 24​% up to ​$164,925 up to ​$329,850 up to ​$164,925 up to ​$164,900 32​% up to ​$209,425 up to ​$418,850 up to ​$209,425 up to ​$209,400 35​% up to ​$523,600 up to ​$628,300 up to ​$314,150 up to ​$523,600 37​% above ​$523,600 above ​$628,300 above ​$314,150 above ​$523,600 Standard Deduction ​$12,550 ​$25,100 ​$12,550 ​$18,800     Isabella​'s gross income was ​$ Isabella​'s adjusted gross income was ​$ Isabella​'s taxable income was ​$

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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is a head of​ household, earned wages of
​$86,500​,
received
​$4800
in interest from a savings​ account, contributed
​$6700
to a​ tax-deferred retirement​ plan, and had itemized deductions totaling
​$19,950.
Find the gross​ income, adjusted gross​ income, and taxable income.
 
Tax Rate
Single
Married Filing Jointly
Married Filing Separately
Head of Household
10​%
up to
​$9950
up to
​$19,900
up to
​$9950
up to
​$14,200
12​%
up to
​$40,525
up to
​$81,050
up to
​$40,525
up to
​$54,200
22​%
up to
​$86,375
up to
​$172,750
up to
​$86,375
up to
​$86,350
24​%
up to
​$164,925
up to
​$329,850
up to
​$164,925
up to
​$164,900
32​%
up to
​$209,425
up to
​$418,850
up to
​$209,425
up to
​$209,400
35​%
up to
​$523,600
up to
​$628,300
up to
​$314,150
up to
​$523,600
37​%
above
​$523,600
above
​$628,300
above
​$314,150
above
​$523,600
Standard Deduction
​$12,550
​$25,100
​$12,550
​$18,800
 
 
Isabella​'s
gross income was
​$
Isabella​'s
adjusted gross income was
​$
Isabella​'s
taxable income was
​$
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