### Tax Computation Exercise#### Question 7:Use the tax table to answer questions 7 and 8.Jenna is a part-time receptionist at the dentist's office. Her income last year was $9,125. Her tax status is single, she claims one exemption for herself, and she plans on taking the standard deduction. What is her taxable income?#### Tax Table:To determine the tax amount, refer to the tax table below.**Tax Table Explanation:**This table helps you determine your tax liability based on your taxable income and filing status. The table is segmented by income ranges and filing statuses, which include Single, Married Filing Jointly, Married Filing Separately, and Head of a Household.**Table:**- The leftmost columns show the ranges of taxable income.- The top row specifies different tax filing statuses.- Each cell intersection of income range and tax status indicates the tax amount for that category.**Example from Table:**If line 43 (taxable income) is:| At least | But less than | Single | Married Filing Jointly | Married Filing Separately | Head of Household ||-----------|----------------|---------|------------------------|---------------------------|------------------|| 83,000 | 83,050 | 16,967 | 13,141 | 17,379 | 15,609 || 83,050 | 83,100 | 16,981 | 13,144 | 17,393 | 15,621 || 83,100 | 83,150 | 16,995 | 13,146 | 17,407 | 15,634 || 83,150 | 83,200 | 17,009 | 13,169 | 17,421 | 15,646 || 83,200 | 83,250 | 17,023 | 13,181 | 17,434 | 15,659 || ... | | ... | ... | ... | ... |**Note:** The table continues for various ranges of taxable income, showing the corresponding tax amount for each filing status. To correctly assess your tax, match your taxable income range with your filing status.#### Computation for Jenna:Given Jenna's ### U.S. Tax Rate Table for 83,000-84,000 Taxable IncomeThis table provides the federal income tax rates applicable to various filing statuses for taxpayers with taxable income between $83,000 and $84,000. The information is essential for individuals who need to determine their tax liability based on their taxable income and filing status.#### Key to Table:- **If line 43 (taxable income) is:** - "At least" refers to the minimum taxable income in the specified range. - "But less than" refers to the taxable income just below the next specified range.- **And you are:** - **Single**: Individual taxpayers who are not married. - **Married filing jointly**: Married taxpayers who combine their income. - **Married filing separately**: Married taxpayers who file separate tax returns. - **Head of household**: Unmarried taxpayers who pay more than half the cost of keeping up a home for themselves and a qualifying individual.#### Tax Calculation Table:| **At least** | **But less than** | **Single** | **Married filing jointly** | **Married filing separately** | **Head of household** ||--------------|------------------|-----------|--------------------------|------------------------------|-----------------------|| 83,000 | 83,050 | 16,967 | 13,131 | 17,379 | 15,609 || 83,050 | 83,100 | 16,981 | 13,144 | 17,393 | 15,621 || 83,100 | 83,150 | 16,995 | 13,156 | 17,407 | 15,634 || 83,150 | 83,200 | 17,009 | 13,169 | 17,421 | 15,648 || 83,200 | 83,250 | 17,023 | 13,181 | 17,435 | 15,660 || 83,250 | 83,300 | 17,037 | 13,194 | 17,448 | 15,669 || 83,300 | 83,

The person standard deduction will be filing with single status is $12,400.

Answered: st's office. Her ince $9,125. Her tax…

Business

Accounting

st's office. Her ince $9,125. Her tax st e claims one exem and she plans on ta

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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