Round the answer to the nearest dollar This table shows the U.S. federal income tax rates from 2017. (Source: Internal Revenue Service)SingleMarried Filing Jointly Married Filing Separately Head of Household$0-$9,325$0-$18,650$0-$9,325$0-$13,350$9,325-$37,950$18,650-$75,900$9,325-$37,950$13,350-$50,800$37,950-$76,550$50,800-$131,20025% $37,950-$91,900 $75,900-$153,10028% $91,900-$191,650 $153,100-$233,350$76,550-$116,675 $131,200-$212,50033% $191,650-$416,700 $233,350-$416,700 $116,675-$208,350 $212,500-$416,70035% $416,700-$418,400 $416,700-$470,700$208,350-$235,350$416,700-$444,55039.6% Over $418,400Rate10%15%Over $470,700Over $235,350Over $444,550Each row shows the tax rate on a specific portion of the taxpayer's taxable income given their filing status. For example, suppose a taxpayer has a filing statusof Single and a taxable income of $40,000. This means that the taxpayer owes 10% tax on the first $9,325, 15% tax on the amount over $9,325 up to$37,950, and 25% on the amount over $37,950 up to $40,000.If John had a filing status of Married Filing Separately and a taxable income of $97,713 inthe year 2017, how much did he owe for federal income tax?XSEspañoE8EB

Federal income taxes are collected by the federal government, while state income taxes are collected…

Answered: This table shows the U.S. federal…

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter17: Tax Practice And Ethics

Section: Chapter Questions

Problem 39P

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Use the 2016 marginal tax rates to compute the tax owed by the following person. unmarried head of household with two dependent children. Gross income:$57,000 Adjustment:none Deduction:$4790 state taxes $1000 theft loss Tax credit: $1000 The income tax owed is $_
Use the 2016 marginal tax rates to compute the income tax owed by the following person. Unmarried head of household with two dependent children. Gross income: $47,000 Adjustments: none Deductions: $4676 state taxes $1000 theft loss Tax credit: $2000 The income tax owed is $
The 2009 U.S. tax rates for a single person are shown below. If taxable income is over But not over- The tax is: $8,350 $33,950 $82.250 $8,350 $33.950 S82 250 $171.500 10% of the amount over $0 $835 plus 15% of the amount over $8,350 $4,675 plus 25% of the amount over $33,950 $16,750 plus 28% of the amount over $82,250 $41,740 plus 33% of the amount over $171,500 $108,218 50 plus 35% of the amount over $372.950 $171,500 $372,950 no limit $372.950 Suppose Carson has total income of 5650,000, the personal exemption is $3,650, and the standard deduction is $5,700. Carson's marginal tax rate is%. (Enter your response as an infeger)
The table below shows the tax brackets for 2015 for single workers. Taxable Income Tax Rate $0 to $9,225 $9,226 to $37,450 $37,451 to $90,750 $90,751 to $189,300 $18,481.25 plus 28% of the amount over $90,750 $189,301 to $411,500 $46,075.25 plus 33% of the amount over $189,300 $411,501 to $413,200 $119,401.25 plus 35% of the amount over $411,500 10% $922.50 plus 15% of the amount over $9,225 $5,156.25 plus 25% of the amount over $37,450 $413,201 or more $119,996.25 plus 39.6% of the amount over $413,200 Calculate the income tax for a single person who has $132,200 of taxable income.
Accounting Below are the 2021 tax brackets for single American taxpayers: Marginal Tax Rate For Single Individuals For Married Individuals Filing Joint Returns 10% $0 to $9,950 $0 to $19,900 12% $9,951 to $40,525 $19,901 to $81,050 22% $40,526 to $86,375 $81,051 to $172,750 24% $86,376 to $164,925 $172,751 to $329,850 32% $164,926 to $209,425 $329,851 to $418,850 35% $209,426 to $523,600 $418,851 to $628,300 37% $523,601 or more $628,301 or more a) Build this table in Excel. Have the user plug in their salary in a cell. In another cell, use a lookup function to determine and output the marginal tax rate, assuming the person is single. Note: the marginal tax rate is defined as the tax rate that applies to the last unit of the tax base. For example, if your income was $25,000, your marginal tax rate is 12%. Your lookup function should be flexible enough to output the correct answer for a multitude of different salaries. b) Do the same but this time assume the person is married filing…
Use the 2016 marginal tax rates to compute the income tax owed by the following person. Single male, no dependents. Gross income:$83,000 Adjustments: $1000 Deductions:$30,000 mortgage interest $4101 property taxes $4000 charitable contributions Tax credit:none Click the icon to view the 2016 marginal tax rates. *** The income tax owed is $ (Type an integer or a decimal. Round to the nearest cent as needed.)
Use the 2016 marginal tax rates to compute the tax owed by a head of household with a taxable income of $78,000 and a $6000 tax credit.
Use the 2016 marginal tax rates to compute the income tax owed by the following person. Single male, no dependents. Gross income:$82,000 Adjustments: $2000 Deductions: $27,000 mortgage interest $4278 property taxes $4000 charitable contributions Tax credit:none Click the icon to view the 2016 marginal tax rates. The income tax owed is $. (Type an integer or a decimal. Round to the nearest cent as needed.)
Use the 2016 marginal tax rates to compute the income tax owed by the following person. Unmarried head of household with two dependent children. Gross income: $63,000 Adjustments: none Deductions: $3480 state taxes $1000 theft loss Tax credit: $3000 i Click the icon to view the 2016 marginal tax rates. The income tax owed is $. (Type an integer or a decimal. Round to the nearest cent as needed.)

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