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The standard deduction for a single person is $12,200. Based on this table, if your total income is $72,00 what is the amount of tax you will pay on your taxable income? For taxable income over. $0 $9,700 $20 475 ... ... but not over... $9,700 $39,475 $94.000 the marginal tax rate is: ... 10% 12% 000

The standard deduction for a single person is $12,200. Based on this table, if your total income is $72,00 what is the amount of tax you will pay on your taxable income? For taxable income over. $0 $9,700 $20 475 ... ... but not over... $9,700 $39,475 $94.000 the marginal tax rate is: ... 10% 12% 000

FINANCIAL ACCOUNTING
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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The standard deduction for a single person is $12,200. Based on this table, if your total income is $72,000, what is the amount of tax you will pay on your taxable income? For taxable income over... $0 $9,700 $39,475 $84,200 $160,725 $204,100 $510,300 $22,171 $13,156 $9,015 O $15,840 ... but not over... $9,700 $39,475 $84,200 $160,725 $204,100 $510,300 ... the marginal tax rate is: 10% 12% 22% 24% 32% 35% 37%
Transcribed Image Text:The standard deduction for a single person is $12,200. Based on this table, if your total income is $72,000, what is the amount of tax you will pay on your taxable income? For taxable income over... $0 $9,700 $39,475 $84,200 $160,725 $204,100 $510,300 $22,171 $13,156 $9,015 O $15,840 ... but not over... $9,700 $39,475 $84,200 $160,725 $204,100 $510,300 ... the marginal tax rate is: 10% 12% 22% 24% 32% 35% 37%
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