Use the chart below to answer the question.Married Filing Jointlyand Widow(er)Tax RateSingleMarried Filing SeparatelyHead of Household10%$1 - $9075$1 - $18,150$1 - $9075$1 - $12,95015%$9076 - $36,900$18,151 - S73,800$9076 - $36,900$12,951 - $49,400259S36,901 - S89,350S73,801 - S148,850$36,901 - $74,425$49,401 - $127,55028%S89,351 - $186,350$148,851 - $226,850$74,426 - $113,425$127,551 - $206,60033%$186,351 - $405,100S226,851 - $405,100$113,426 - $202,500$206,601 - $405,10035%$405,101 - $406,750$405, 101 - $457,600$202,551 - $228,800$405,101 - S432,20039.6%over $406,750over $457,600over $228,800over $432,200Calculate the tax a person who files single would pay if their salary was $62,562. Round to the nearest penny.

Tax refers to the financial charge or obligation which is compulsory imposed on the taxpayer through…

Married Filing Jointly and Widow(er) Single Married Filing Separately Head of H $1 - $9075 $1 - $18,150 $1 - 59075 $1 - $12,9 S9076 - $36,900 $18,151 - $73,800 $9076 - $36,900 $12,951 - S36,901 - S89,350 573,801 - $148,850 $36,901 - S74,425 $49,401 - S89,351 - S186,350 $148,851 - $226,850 S74,426 - $113,425 $127,551 $186,351 - $405,100 S226,851 - $405,100 $113,426 - $202,500 $206,601

Married Filing Jointly and Widow(er) Single Married Filing Separately Head of H $1 - $9075 $1 - $18,150 $1 - 59075 $1 - $12,9 S9076 - $36,900 $18,151 - $73,800 $9076 - $36,900 $12,951 - S36,901 - S89,350 573,801 - $148,850 $36,901 - S74,425 $49,401 - S89,351 - S186,350 $148,851 - $226,850 S74,426 - $113,425 $127,551 $186,351 - $405,100 S226,851 - $405,100 $113,426 - $202,500 $206,601

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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STEN Rate 10% 12% 22% 24% 32% 35% 37% Single Single Tax Rates $0-$9,875 $9,875 - $40,125 $40,125-$85,525 $85,525-$163,300 $163,300 $207,350 $207,350-$518,400 $518,400 or more Standard Deductions $12,400 Married Filing Jointly $0-$19,750 $19,750-$80,250 $80,250-$171,050 $171,050-$326,600 $326,600-$414,700 $414,700-$622,050 $622,050 or more Married Filing Jointly Find Martin's taxable income. Round to the nearest cent. $1674.50 Martín is a 30-year-old, full-time college student sharing rent with a roommate who is filing separately from Martin. Martin made $15,600 at his part-time job in 2020. He does not have any adjustments or itemized deductions. $24,800 Martín qualifies for a $17 earned income tax credit. Compute Martín's tax owed. Round to the nearest cent. $ Suppose Martin's W-2 says that he paid $390 in taxes in 2020. Does Martín owe taxes, or is he due a refund? O Has to pay O Refund Calculate Martin's taxes owed or refund. Round your answer the nearest cent. S
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