The 2015 tax table provided by the IRS is to be used when taxable income is below $100,000. If taxable income exceeds $100,000, then the marginal tax rates are used to calculate the tax owed. Filing Status Tax Rate 10% 15% 25% 28% 33% 35% 39.6% Single 2015 Marginal Tax Rates Married Married Filing Jointly Filing Separately Income Brackets 0-9,225 Head of Household 0-9,225 0-18,450 0-13,150 9,226-37,450 18,451-74,900 9,226-37,450 13,151-50,200 37,451-90,750 74,901-151,200 37,451-75,600 50,201-129,600 129,601-209,850 90,751-189,300 151,201-230,450 75,601-115,225 189,301-411,500 230,451-411,500 115,226-205,750 209,851-411,500 411,501-413,200 411,501-44,850 205,751-232,425 411,501-439,000 413,201+ 464,851+ 439,001+ 232,426+ Use the marginal tax rates to find the income tax for a taxpayer with taxable income of $888,650 filing as head of household. Use the marginal tax rates to find the income tax for a taxpayer with taxable income of $567,840 filing as married filing separately.

The 2015 tax table provided by the IRS is to be used when taxable income is below $100,000. If taxable income exceeds $100,000, then the marginal tax rates are used to calculate the tax owed. Filing Status Tax Rate 10% 15% 25% 28% 33% 35% 39.6% Single 2015 Marginal Tax Rates Married Married Filing Jointly Filing Separately Income Brackets 0-9,225 Head of Household 0-9,225 0-18,450 0-13,150 9,226-37,450 18,451-74,900 9,226-37,450 13,151-50,200 37,451-90,750 74,901-151,200 37,451-75,600 50,201-129,600 129,601-209,850 90,751-189,300 151,201-230,450 75,601-115,225 189,301-411,500 230,451-411,500 115,226-205,750 209,851-411,500 411,501-413,200 411,501-44,850 205,751-232,425 411,501-439,000 413,201+ 464,851+ 439,001+ 232,426+ Use the marginal tax rates to find the income tax for a taxpayer with taxable income of $888,650 filing as head of household. Use the marginal tax rates to find the income tax for a taxpayer with taxable income of $567,840 filing as married filing separately.

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter9: Individuals As Taxpayers

Section: Chapter Questions

Problem 4CE

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Concept explainers

Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.

Question

The 2015 tax table provided by the IRS is to be used when taxable income is below $100,000. If taxable
income exceeds $100,000, then the marginal tax rates are used to calculate the tax owed.
Filing Status
Tax Rate
10%
15%
25%
28%
33%
35%
39.6%
Single
Submit Question
2015 Marginal Tax Rates
Married
413,201+
Married
Filing Jointly Filing Separately
Income Brackets
0-9,225
0-9,225
0-18,450
9,226-37,450
18,451-74,900 9,226-37,450
37,451-90,750 74,901-151,200 37,451-75,600
90,751-189,300 151,201-230,450 75,601-115,225
189,301-411,500 230,451-411,500 115,226-205,750
411,501-413,200 411,501-44,850 205,751-232,425
464,851+
232,426+
Head of
Household
0-13,150
13,151-50,200
50,201-129,600
129,601-209,850
209,851-411,500
411,501-439,000
439,001+
Use the marginal tax rates to find the income tax for a taxpayer with taxable income of $888,650 filing as
head of household.
Use the marginal tax rates to find the income tax for a taxpayer with taxable income of $567,840 filing as
married filing separately.

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