TABLE 8.1 2016 Marginal Tax Rates, Standard Deductions, and ExemptionsUemaried,direrced, orlegally separatedMarried snd skparteer AlesMarried and berpartres flesingle tar etereUsnarried and paying marethan half the cest lseppertinga hil ar pareetpate tar reteMarried FilingSeparatelyMarriedHead ofTax RateSingleFiling JointlyHousehold10%up to $9275up to $9275up to $18,550up to $13,250$18,551 to $75,300$13,251 to $50,400$50,401 to $130,15015%$9276 to $37,650$9276 to $37,65025%$37,651 to $91,1I50S37,651 to $75,950$75,301 to $151.90028%$91,151 to $190,150$75,951 to $115,725$151,901 to $231,450 $130,151 to $210,S0033%$190,151 to $413,350S115,726 to $206,675$231,451 to $413,350 $210,801 to $413,35035%$413.351 to $415,050$206,676 to $233,475$413,351 to $466,950 $413,351 to $441,00039.6%more than $415,050more than $233,475more than $466,950more than S441.000StandardDeduction$6300$6300$12,600$9300Exemptions(рer person)$4050$4050$4050$4050Use the 2016 marginal tax rates in the above table tocalculate the federal tax owed by a single man with nodependents whose gross income, adjustments,deductions, and credits are given as follows:Gross income: $75,000Adjustments: $4,000Deductions: $28,000: mortgage interest$4200: property taxes$3000: charitable contributionsTax credit: $1000Fill in the blank based on the above information.Adjusted gross income =Total Itemize Deduction =Taxable Income =- (+ 4050) =(Note: Here we use itemize deduction)Tax computation =(Round to thenearest cent)Income tax =(Round to thenearest cent)

Standard Deduction = $6300 Itemized Deduction: =$28,000+$4200+$3000 =$35,200

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

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

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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Concept explainers

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.

Question

100%

TABLE 8.1 2016 Marginal Tax Rates, Standard Deductions, and Exemptions
Uemaried,
direrced, or
legally separated
Married snd sk
parteer Ales
Married and ber
partres fle
single tar etere
Usnarried and paying mare
than half the cest l
seppertinga hil ar pareet
pate tar rete
Married Filing
Separately
Married
Head of
Tax Rate
Single
Filing Jointly
Household
10%
up to $9275
up to $9275
up to $18,550
up to $13,250
$18,551 to $75,300
$13,251 to $50,400
$50,401 to $130,150
15%
$9276 to $37,650
$9276 to $37,650
25%
$37,651 to $91,1I50
S37,651 to $75,950
$75,301 to $151.900
28%
$91,151 to $190,150
$75,951 to $115,725
$151,901 to $231,450 $130,151 to $210,S00
33%
$190,151 to $413,350
S115,726 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%
more than $415,050
more than $233,475
more than $466,950
more than S441.000
Standard
Deduction
$6300
$6300
$12,600
$9300
Exemptions
(рer 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.
Adjusted gross income =
Total Itemize Deduction =
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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