Maggie is filing taxes as a single filer with no kids. Her gross yearly income is $136,680, and her tax deductible purchases are: • Charitable contributions: $4,642 • Mortgage interest: $4,614 • Educational Expenses: $4,150 Compute her final income tax using the following information: Individual Taxpayers If Taxable Income Is Between: The Tax Due Is: 0- $9,875 10% of taxable income $9,876- $40,125 $987.50 + 12% of the amount over $9,875 $40,126 - $85,525 $4,617.50 + 22% of the amount over $40,125 $85,526 - $163,300 $14,605.50 + 24% of the amount over $85,525 $163,301 - $207,350 $33,217.50 + 32% of the amount over $163,300 $207,351 - $518,400 $47,367.50 + 35% of the amount over $207,350 $518,400 $156,235 + 37% of the amount over $518,400 Round your answer to the nearest dollar. Recall the standard deduction for single filers: $12,400

Maggie is filing taxes as a single filer with no kids. Her gross yearly income is $136,680, and her tax deductible purchases are: • Charitable contributions: $4,642 • Mortgage interest: $4,614 • Educational Expenses: $4,150 Compute her final income tax using the following information: Individual Taxpayers If Taxable Income Is Between: The Tax Due Is: 0- $9,875 10% of taxable income $9,876- $40,125 $987.50 + 12% of the amount over $9,875 $40,126 - $85,525 $4,617.50 + 22% of the amount over $40,125 $85,526 - $163,300 $14,605.50 + 24% of the amount over $85,525 $163,301 - $207,350 $33,217.50 + 32% of the amount over $163,300 $207,351 - $518,400 $47,367.50 + 35% of the amount over $207,350 $518,400 $156,235 + 37% of the amount over $518,400 Round your answer to the nearest dollar. Recall the standard deduction for single filers: $12,400

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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