TABLE 8.1 2016 Marginal Tax Rates, Standard Deductions, and ExemptionsUamamied.divereed, orlegally separatedMarried and berhpartrer Rilesingle tar retureMarried and sachparteer files aseparate tar returnUnmarried and paying merethan half the cest ofsupporting a child or parentMarried FilingSeparatelyMarriedHead ofТах RateSingleFiling JointlyHouseholdup to $9275up to $18,550up to $13.25010%up to $927515%$9276 to $37,650$9276 to $37,650S18.551 to $75,300$13,251 to $50,40025%$37,651 to $91,150S37,651 to $75,950$75,301 to $151,900$50,401 to $130,150$151,901 to $231,450 $130,151 to $210,800$231,451 to $413,350 $210,801 to $413,350$413,351 to $466,950 $413,351 to $441,00028%$91,151 to $190,150S75,951 to $115,72533%$190,151 to $413.350S115,726 to $206,67535%$413,351 to $415,050$206,676 to $233.47539.6%more than $415,050more than $233,475more than S466.950more than $441,000StandardDeduction$6300$6300$12,600$9300Exemptions(рer person)$4050S4050$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: $40,000Adjustments: $1,000Deductions: $3000: charitable contributions$1500: theft loss$300: a cost of tax preparationTax credit: noneFill in the blank based on the above information.Adjusted gross income =Taxable Income =|-(+ 6300) =Tax computation =(Round to thenearest cent)Income tax =(Round to thenearest cent)

Adjusted gross Income = 40,000 - 1000 = $39,000 Tax rate 25%. (It lies in 29,701-71,950) Total…

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: $40,000 Adjustments: $1,000 Deductions: $3000: charitable contributions $1500: theft loss $300: a cost of tax preparation Tax credit: none Fill in the blank based on the above information. Adjusted gross income = Taxable Income = - ( + 6300) = Tax computation = (Round to the nearest cent) Income tax = (Round to the nearest cent)

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: $40,000 Adjustments: $1,000 Deductions: $3000: charitable contributions $1500: theft loss $300: a cost of tax preparation Tax credit: none Fill in the blank based on the above information. Adjusted gross income = Taxable Income = - ( + 6300) = Tax computation = (Round to the nearest cent) Income tax = (Round to the nearest cent)

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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