STION 6 Filing Status More than amount But not over amount Tax Single 0 12,750 6%   12,750 60,000 765 + 7% over   60,000 120,000 4072.50 + 7.75%   120,000   8722.50 + 8.25% Married 0 21,250 6%   21,250 100,000 1275 + 7% over   100,000 200,000 6787.50 + 7.75%   200,000   14,537.50 + 8.25%      What tax would a single person pay on taxable income of $40,000?   (blank)    What tax would a married person pay on taxable income of $60,000?                (blank)

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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STION 6

  1. Filing Status

    More than amount

    But not over amount

    Tax

    Single

    0

    12,750

    6%

     

    12,750

    60,000

    765 + 7% over

     

    60,000

    120,000

    4072.50 + 7.75%

     

    120,000

     

    8722.50 + 8.25%

    Married

    0

    21,250

    6%

     

    21,250

    100,000

    1275 + 7% over

     

    100,000

    200,000

    6787.50 + 7.75%

     

    200,000

     

    14,537.50 + 8.25%

     

     

    1.  What tax would a single person pay on taxable income of $40,000?  

    (blank)

     

    1.  What tax would a married person pay on taxable income of $60,000?

                   (blank)

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