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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:$90,000 Adjustments:$3000 Deductions:$26,000 mortgage interest $4198 property taxes $3000 charitable contributions Tax credit:none Click the icon to view the 2016 marginal tax rates. The income tax owed is $ 8,959.25 (Type an integer or a decimal. Round to the nearest cent as needed.)

Use the 2016 marginal tax rates to compute the income tax owed by the following person. Single male, no dependents. Gross income:$90,000 Adjustments:$3000 Deductions:$26,000 mortgage interest $4198 property taxes $3000 charitable contributions Tax credit:none Click the icon to view the 2016 marginal tax rates. The income tax owed is $ 8,959.25 (Type an integer or a decimal. Round to the nearest cent as needed.)

FINANCIAL ACCOUNTING
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 2016 marginal tax rates to compute the income tax owed by the following person. Single male, no dependents. Gross income:$90,000 Adjustments:$3000 Deductions: $26,000 mortgage interest $4198 property taxes $3000 charitable contributions Tax credit:none iClick the icon to view the 2016 marginal tax rates. The income tax owed is $ 8,959.25 (Type an integer or a decimal. Round to the nearest cent as needed.)
Transcribed Image Text:Use the 2016 marginal tax rates to compute the income tax owed by the following person. Single male, no dependents. Gross income:$90,000 Adjustments:$3000 Deductions: $26,000 mortgage interest $4198 property taxes $3000 charitable contributions Tax credit:none iClick the icon to view the 2016 marginal tax rates. The income tax owed is $ 8,959.25 (Type an integer or a decimal. Round to the nearest cent as needed.)
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