This table shows the U.S. federal income tax rates from 2017. (Source: Internal Revenue Service) Single Married Filing Jointly Married Filing Separately Head of Household $0-$9,325 $0-$18,650 $0-$13,350 $0-$9,325 $9,325-$37,950 $9,325-$37,950 $18,650-$75,900 $13,350-$50,800 25% $37,950-$91,900 $75,900-$153,100 $37,950-$76,550 $50,800-$131,200 28% $91,900-$191,650 $153,100-$233,350 $76,550-$116,675 $131,200-$212,500 33% $191,650-$416,700 $233,350-$416,700 $116,675-$208,350 $212,500-$416,700 35% $416,700-$418,400 $416,700-$470,700 $208,350-$235,350 $416,700-$444,550 39.6% Over $418,400 Rate 10% 15% Over $470,700 Over $235,350 Over $444,550 Each 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 status of 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 in the year 2017, how much did he owe for federal income tax? X S España ? DE 8 B

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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Round the answer to the nearest dollar

This table shows the U.S. federal income tax rates from 2017. (Source: Internal Revenue Service)
Single
Married 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-$131,200
25% $37,950-$91,900 $75,900-$153,100
28% $91,900-$191,650 $153,100-$233,350
$76,550-$116,675 $131,200-$212,500
33% $191,650-$416,700 $233,350-$416,700 $116,675-$208,350 $212,500-$416,700
35% $416,700-$418,400 $416,700-$470,700
$208,350-$235,350
$416,700-$444,550
39.6% Over $418,400
Rate
10%
15%
Over $470,700
Over $235,350
Over $444,550
Each 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 status
of 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 in
the year 2017, how much did he owe for federal income tax?
X
S
Españo
E
8
E
B
Transcribed Image Text:This table shows the U.S. federal income tax rates from 2017. (Source: Internal Revenue Service) Single Married 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-$131,200 25% $37,950-$91,900 $75,900-$153,100 28% $91,900-$191,650 $153,100-$233,350 $76,550-$116,675 $131,200-$212,500 33% $191,650-$416,700 $233,350-$416,700 $116,675-$208,350 $212,500-$416,700 35% $416,700-$418,400 $416,700-$470,700 $208,350-$235,350 $416,700-$444,550 39.6% Over $418,400 Rate 10% 15% Over $470,700 Over $235,350 Over $444,550 Each 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 status of 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 in the year 2017, how much did he owe for federal income tax? X S Españo E 8 E B
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