Rate Single 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 10% $0-$8,925 $0-$17,850 $0-$8,925 $0-$12,750 15% $8,925-$36,250 $17,850-$72,500 $8,925-$36,250 $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% $183,250-$398,350 $223,050-$398,350 $111,525-$199,175 $203,150-$398,350 35% $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 Joe and Raina had a filing status of Married Filing Jointly and together have a taxable income of $91,307 in the year 2013, how much did the couple owe for federal income tax? Do not round any intermediate computations. Round your answer to the nearest dollar.
Rate Single 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 10% $0-$8,925 $0-$17,850 $0-$8,925 $0-$12,750 15% $8,925-$36,250 $17,850-$72,500 $8,925-$36,250 $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% $183,250-$398,350 $223,050-$398,350 $111,525-$199,175 $203,150-$398,350 35% $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 Joe and Raina had a filing status of Married Filing Jointly and together have a taxable income of $91,307 in the year 2013, how much did the couple owe for federal income tax? Do not round any intermediate computations. Round your answer to the nearest dollar.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
am. 101.
Transcribed Image Text:Rate
Single
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
10%
$0-$8,925
$0-$17,850
$0-$8,925
$0-$12,750
15%
$8,925-$36,250
$17,850-$72,500
$8,925-$36,250
$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% $183,250-$398,350 $223,050-$398,350 $111,525-$199,175
$203,150-$398,350
35%
$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 Joe and Raina had a filing status of Married Filing Jointly and together have a taxable
income of $91,307 in the year 2013, how much did the couple owe for federal income tax?
Do not round any intermediate computations. Round your answer to the nearest dollar.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education