TABLE 8.1 2016 Marginal Tax Rates, Standard Deductions, and Exemptions Venamied, dieed, legally parted Maried nd ak perter file Married nd berk Bunaniad sed peing me partren fla siegle ta etee than half he est l rate t ten pperting hilder pert Married Filing Separately Married Head of Household Tax Rate Single Filing Jointly up to $13.250 $13,251 to $50,400 10% up to $9275 up to $9275 up to $18,550 15% $9276 to S37.650 $9276 to $37,650 SI8,551 to $75.300 25% $37,651 to $91,150 S37,661 to $75,950 $75,301 to S151,900 $50,401 to $130,150 28% $91.151 to $190,150 S75,951 to $1I5,725 $151,901 to $231,450 $130,151 to $210,800 33% $190,151 to $413,350 SI15,726 to $206,675 $231,451 to $413,350 $210,801 to $413,350 35% $413,351 to $415,050 $206,676 to $233,475 $413,351 to $466,950 $413.351 to $441,000 39.6% ure than S415,050 mure than $233,475 mure ihan St66.950 mure than $441.000 Standard Deduction $6300 $12,600 $9300 Exemptions (per person) $4050 $4050 $4050 $4050 Use the 2016 marginal tax rates in the above table to calculate the federal tax owed by a single man with no dependents whose gross income, adjustments, deductions, and credits are given as follows: Gross income: $75,000 Adjustments: $4,000 Deductions: $28,000: mortgage interest $4200: property taxes $3000: charitable contributions Tax credit: $1000 Fill in the blank based on the above information. Taxable Income = -( + 4050) = (Note: Here we use itemize deduction) Tax computation = (Round to the nearest cent) Income tax = (Round to the nearest cent)
TABLE 8.1 2016 Marginal Tax Rates, Standard Deductions, and Exemptions Venamied, dieed, legally parted Maried nd ak perter file Married nd berk Bunaniad sed peing me partren fla siegle ta etee than half he est l rate t ten pperting hilder pert Married Filing Separately Married Head of Household Tax Rate Single Filing Jointly up to $13.250 $13,251 to $50,400 10% up to $9275 up to $9275 up to $18,550 15% $9276 to S37.650 $9276 to $37,650 SI8,551 to $75.300 25% $37,651 to $91,150 S37,661 to $75,950 $75,301 to S151,900 $50,401 to $130,150 28% $91.151 to $190,150 S75,951 to $1I5,725 $151,901 to $231,450 $130,151 to $210,800 33% $190,151 to $413,350 SI15,726 to $206,675 $231,451 to $413,350 $210,801 to $413,350 35% $413,351 to $415,050 $206,676 to $233,475 $413,351 to $466,950 $413.351 to $441,000 39.6% ure than S415,050 mure than $233,475 mure ihan St66.950 mure than $441.000 Standard Deduction $6300 $12,600 $9300 Exemptions (per person) $4050 $4050 $4050 $4050 Use the 2016 marginal tax rates in the above table to calculate the federal tax owed by a single man with no dependents whose gross income, adjustments, deductions, and credits are given as follows: Gross income: $75,000 Adjustments: $4,000 Deductions: $28,000: mortgage interest $4200: property taxes $3000: charitable contributions Tax credit: $1000 Fill in the blank based on the above information. Taxable Income = -( + 4050) = (Note: Here we use itemize deduction) Tax computation = (Round to the nearest cent) Income tax = (Round to the nearest cent)
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
Related questions
Question
Transcribed Image Text:TABLE 8.1 2016 Marginal Tax Rates, Standard Deductions, and Exemptions
Unmaried,
diverced, or
legally separated
Married and ach
parteer files
eparate tar rete
Married and berh
partren file
single tar retee
Unmarried and paying mare
than half the cest of
sepperting ekildr pareet
Married Filing
Separately
Married
Filing Jointly
Head of
Household
Тах Rate
Single
10%
up to $9275
up to $9275
up to $18,550
up to $13.250
15%
$9276 to $37,650
$9276 to $37,650
$18,551 to $75,300
$13,251 to $50,400
25%
$37,651 to $91,150
$37,651 to $75,950
$75,301 to $151,900
$50,401 to $130,150
28%
$91,151 to $190,150
S75,951 to $115,725
$151,901 to $231,450 $130,151 to $210,800
33%
$190,151 to $413,350
SI15,726 to $206,675
$231,451 to $413,350 $210,801 to $413,350
35%
$413,351 to $415,050
$206,676 to $233,475
$413,351 to $466,950 $413,351 to $441,000
39.6%
mure than $441,000
more than S415.050
more than $233.475
mure than $466,950
Standard
Deduction
$6300
$600
$12,600
$9300
Exemptions
(per person)
$4050
S4050
$4050
$4050
Use the 2016 marginal tax rates in the above table to
calculate the federal tax owed by a single man with no
dependents whose gross income, adjustments,
deductions, and credits are given as follows:
Gross income: $75,000
Adjustments: $4,000
eductions: $28,000: mortgage interest
$4200: property taxes
$3000: charitable contributions
Tax credit: $1000
Fill in the blank based on the above information.
Taxable Income =
|- (
+ 4050) =
(Note: Here we use itemize deduction)
Tax computation =
(Round to the
nearest cent)
Income tax =
(Round to the
nearest cent)
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