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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. 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. Taxable Income = -( + 6300) = Tax computation = |(Round to the nearest cent) Income tax = (Round to the nearest cent)

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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TABLE 8.1 2016 Marginal Tax Rates, Standard Deductions, and Exemptions Unmarried. direrced, o legally separated Married and each partner files Married and berk Unmarried and paping mare than half the cest of parteer filea single tar retur separate tar retere supporting a child or parent Married Filing Married Head of Tax Rate Single Separately Filing Jointly Household 10% up to $9275 up to $9275 up to $18,550 up to $13,250 15% $9276 to $37,650 $9276 to $37,650 $18,551 to $75,300 $13,251 to $50,400 25% $37,651 to $91,150 $37,651 to $75.950 $75,301 to $151,900 $50,401 to $130,150 28% $91,151 to $190,150 $75,951 to $115,725 $151,901 to $231,450 $130,151 to $210,800 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% mure than $415,050 more than $233,475 more than $466.950 more than $441,000 Standard Deduction $6300 $6300 $12,600 $9300 Exemptions (per 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: $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. Taxable Income = - ( + 6300) = Tax computation = (Round to the nearest cent) Income tax = (Round to the nearest cent)
Transcribed Image Text:TABLE 8.1 2016 Marginal Tax Rates, Standard Deductions, and Exemptions Unmarried. direrced, o legally separated Married and each partner files Married and berk Unmarried and paping mare than half the cest of parteer filea single tar retur separate tar retere supporting a child or parent Married Filing Married Head of Tax Rate Single Separately Filing Jointly Household 10% up to $9275 up to $9275 up to $18,550 up to $13,250 15% $9276 to $37,650 $9276 to $37,650 $18,551 to $75,300 $13,251 to $50,400 25% $37,651 to $91,150 $37,651 to $75.950 $75,301 to $151,900 $50,401 to $130,150 28% $91,151 to $190,150 $75,951 to $115,725 $151,901 to $231,450 $130,151 to $210,800 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% mure than $415,050 more than $233,475 more than $466.950 more than $441,000 Standard Deduction $6300 $6300 $12,600 $9300 Exemptions (per 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: $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. Taxable Income = - ( + 6300) = Tax computation = (Round to the nearest cent) Income tax = (Round to the nearest cent)
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