Rate 10% Single $0-$8,925 This table shows the U.S. federal income tax rates from 2013. (Source: Internal Revenue Service) Married Filing Jointly Married Filing Separately Head of Household 15% $0-$17,850 $8,925-$36,250 $17,850-$72,500 $0-$8,925 $8,925-$36,250 $0-$12,750 $12,750-$48,600 25% $36,250-$87,850 $72,500-$146,400 $36,250-$73,200 $48,600-$125,450 28% $87,850-$183,250 $146,400-$223,050 $73,200-$111,525 $125,450-$203,150 33% 35% $183,250-$398,350 $223,050-$398,350 $111,525-$199,175 $203,150-$398,350 $398,350-$400,000 $398,350-$450,000 39.6% Over $400,000 Over $450,000 $199,175-$225,000 Over $225,000 $398,350-$425,000 Over $425,000 Each row shows the tax rate on a specific portion of the taxpayer's taxable income given their filing status. For example, suppose a taxpayer has a filing status of Single and a taxable income of $40,000. This means that the taxpayer owes 10% tax on the first $8,925, 15% tax on the amount over $8,925 up to $36,250, and 25% on the amount over $36,250 up to $40,000. If Bob had a filing status of Married Filing Separately and a taxable income of $107,173 in the year 2013, how much did he owe for federal income tax? Do not round any intermediate computations. Round your answer to the nearest dollar. $ × 5
Rate 10% Single $0-$8,925 This table shows the U.S. federal income tax rates from 2013. (Source: Internal Revenue Service) Married Filing Jointly Married Filing Separately Head of Household 15% $0-$17,850 $8,925-$36,250 $17,850-$72,500 $0-$8,925 $8,925-$36,250 $0-$12,750 $12,750-$48,600 25% $36,250-$87,850 $72,500-$146,400 $36,250-$73,200 $48,600-$125,450 28% $87,850-$183,250 $146,400-$223,050 $73,200-$111,525 $125,450-$203,150 33% 35% $183,250-$398,350 $223,050-$398,350 $111,525-$199,175 $203,150-$398,350 $398,350-$400,000 $398,350-$450,000 39.6% Over $400,000 Over $450,000 $199,175-$225,000 Over $225,000 $398,350-$425,000 Over $425,000 Each row shows the tax rate on a specific portion of the taxpayer's taxable income given their filing status. For example, suppose a taxpayer has a filing status of Single and a taxable income of $40,000. This means that the taxpayer owes 10% tax on the first $8,925, 15% tax on the amount over $8,925 up to $36,250, and 25% on the amount over $36,250 up to $40,000. If Bob had a filing status of Married Filing Separately and a taxable income of $107,173 in the year 2013, how much did he owe for federal income tax? Do not round any intermediate computations. Round your answer to the nearest dollar. $ × 5
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:Rate
10%
Single
$0-$8,925
This table shows the U.S. federal income tax rates from 2013. (Source: Internal Revenue Service)
Married Filing Jointly Married Filing Separately Head of Household
15%
$0-$17,850
$8,925-$36,250 $17,850-$72,500
$0-$8,925
$8,925-$36,250
$0-$12,750
$12,750-$48,600
25%
$36,250-$87,850 $72,500-$146,400
$36,250-$73,200
$48,600-$125,450
28%
$87,850-$183,250 $146,400-$223,050 $73,200-$111,525
$125,450-$203,150
33%
35%
$183,250-$398,350 $223,050-$398,350 $111,525-$199,175 $203,150-$398,350
$398,350-$400,000 $398,350-$450,000
39.6% Over $400,000
Over $450,000
$199,175-$225,000
Over $225,000
$398,350-$425,000
Over $425,000
Each row shows the tax rate on a specific portion of the taxpayer's taxable income given their filing status. For example,
suppose a taxpayer has a filing status of Single and a taxable income of $40,000. This means that the taxpayer owes 10%
tax on the first $8,925, 15% tax on the amount over $8,925 up to $36,250, and 25% on the amount over $36,250 up to
$40,000.
If Bob had a filing status of Married Filing Separately and a taxable income of $107,173 in
the year 2013, how much did he owe for federal income tax?
Do not round any intermediate computations. Round your answer to the nearest dollar.
$
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