Answered: se the 2016 marginal tax rates to…

se the 2016 marginal tax rates to compute the tax owed by the following person. A head of household with a taxable income of $129,000 and an $8000 tax credit The tax owed is $

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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Concept explainers

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.

Question

Use the 2016 marginal tax rates to compute the tax owed by the following person.

A head of household with a taxable income of $129,000 and an $8000 tax credit

The tax owed is $

Expert Solution

Step 1

Given: -

The tax payer is the head of household

Taxable income= $129,000

Tax credit= $8,000

Step by step

Solved in 2 steps

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