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)
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter3: Preparing Your Taxes
Section: Chapter Questions
Problem 1FPE: Calculating marginal tax rates. Lacey Hansen is single and received the items and amounts of income...
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![TABLE 8.1 2016 Marginal Tax Rates, Standard Deductions, and Exemptions
Uamamied.
divereed, or
legally separated
Married and berh
partrer Rile
single tar reture
Married and sach
parteer files a
separate tar return
Unmarried and paying mere
than half the cest of
supporting a child or parent
Married Filing
Separately
Married
Head of
Тах Rate
Single
Filing Jointly
Household
up to $9275
up to $18,550
up to $13.250
10%
up to $9275
15%
$9276 to $37,650
$9276 to $37,650
S18.551 to $75,300
$13,251 to $50,400
25%
$37,651 to $91,150
S37,651 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 $441,000
28%
$91,151 to $190,150
S75,951 to $115,725
33%
$190,151 to $413.350
S115,726 to $206,675
35%
$413,351 to $415,050
$206,676 to $233.475
39.6%
more than $415,050
more than $233,475
more than S466.950
more than $441,000
Standard
Deduction
$6300
$6300
$12,600
$9300
Exemptions
(рer person)
$4050
S4050
$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: $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)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F55543fa0-4045-4ba9-8583-293c8ef0d9c0%2F5b8e36ff-5179-4e27-957f-54db6ce4fc95%2F4zc8em7_processed.jpeg&w=3840&q=75)
Transcribed Image Text:TABLE 8.1 2016 Marginal Tax Rates, Standard Deductions, and Exemptions
Uamamied.
divereed, or
legally separated
Married and berh
partrer Rile
single tar reture
Married and sach
parteer files a
separate tar return
Unmarried and paying mere
than half the cest of
supporting a child or parent
Married Filing
Separately
Married
Head of
Тах Rate
Single
Filing Jointly
Household
up to $9275
up to $18,550
up to $13.250
10%
up to $9275
15%
$9276 to $37,650
$9276 to $37,650
S18.551 to $75,300
$13,251 to $50,400
25%
$37,651 to $91,150
S37,651 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 $441,000
28%
$91,151 to $190,150
S75,951 to $115,725
33%
$190,151 to $413.350
S115,726 to $206,675
35%
$413,351 to $415,050
$206,676 to $233.475
39.6%
more than $415,050
more than $233,475
more than S466.950
more than $441,000
Standard
Deduction
$6300
$6300
$12,600
$9300
Exemptions
(рer person)
$4050
S4050
$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: $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)
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