Use the 2016 marginal tax rates to compute the income tax owed by the following person. Single male, no dependents. Gross income: $89,000 Adjustments: $4000 Deductions: $27,000 mortgage interest $4775 propertytaxes $1000 charitable contributions Tax credit: none

Answer:- Taxable Income:- Taxable income is the baseline income used to determine taxes. Revenue may…

Answered: Use the 2016 marginal tax rates to…

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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Use the marginal tax rates in the table below to compute the tax owed in the following situation. The tax owed is S (Simplify your answer. Round to the nearest dollar as needed.) Marco is married filing separately with a taxable income of $67,900. Tax Rate 10% 15% 25% 28% 33% 35% 39.6% Standard deduction Exemption (per person) Married Filing Separately up to $9325 up to $37,950 up to $76,550 up to $116,675 up to $208,350 up to $235,350 above $235,350 $6350 $4050
6. A married couple are calculating their federal income tax using the tax rate tables: Then Estimated Taxes Are If Taxpayer's Income Is Between So $16,700 $67,900 $137,050 $208,850 $372,950 But Not Over $16,700 $67,900 $137,050 $208,850 $372,950 Base TaxRate $0 10% $1,670.00 15% $9,350.00 25% $26,637.50 28% $46,741.50 33% $100,894.50 35% S0 $16,700 $67,900 $137,050 $208,850 $372,950 How much tax will they have to pay on their taxable income of $202,000? (4
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Suppose you made $92,747 of income from wages and $386 of taxable interest. You also made contributions of $6000 to a tax deferred retirement account. You have 1 dependents and file as single. The standard deduction is 11400 and the exemption is 3000 per exemption. What is your Adjusted Gross Income? Answer to the nearest dollar.

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Use the 2016 marginal tax rates to compute the income tax owed by the following person. Single male, no dependents. Gross income: $89,000 Adjustments: $4000 Deductions: $27,000 mortgage interest $4775 property taxes $1000 charitable contributions Tax credit: none