2016 marginal tax rates2016 Marginal Tax Rates, Standard Deductions, and ExemptionsUnmarried and payingor legally separated files a separate tax return partners file a single more than half the costof supporting a childor parentUnmarried, divorced, Married and each partnerMarried and bothtax returnTax RateSingleMarried Filing Separately Married Filing JointlyHead of Household10%up to $9275up to $9275up to $18,550up to $13,25015%$9276 to $37,650$9276 to $37,650$18,551 to $75,300$13,251 to $50,40025%$37,651 to $91,150$37,651 to $75,950$75,301 to $151,900$50,401 to $130,15028%$91,151 to $190,150$75,951 to $115,725$151,901 to $231,450$130,151 to $210,80033%$190,151 to $413,350$115,726 to $206,675$231,451 to $413,350$210,801 to $413,35035%$413,351 to $415,050$206,676 to $233,475$413,351 to $466,950$413,351 to $441,00039.6%more than $415,050more than $233,475more than $466,950more than $441,000Standard$6300$6300$12,600$9300Deduction$4050Exemptions (per $4050person)$4050$4050PrintDone Use the 2016 marginal tax rates to compute the income tax owed by the following person.Unmarried head of household with two dependent children.Gross income: $63,000Adjustments: noneDeductions: $3480 state taxes$1000 theft lossTax credit: $3000i Click the icon to view the 2016 marginal tax rates.The income tax owed is $.(Type an integer or a decimal. Round to the nearest cent as needed.)

Itemized deduction includes state taxes of $ 3480 and $ 1000 theft losses. However the standard…

Use the 2016 marginal tax rates to compute the income tax owed by the following person. Unmarried head of household with two dependent children. Gross income: $63,000 Adjustments: none Deductions: $3480 state taxes $1000 theft loss Tax credit: $3000 Click the icon to view the 2016 marginal tax rates. ..... The income tax owed is $ (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. Unmarried head of household with two dependent children. Gross income: $63,000 Adjustments: none Deductions: $3480 state taxes $1000 theft loss Tax credit: $3000 Click the icon to view the 2016 marginal tax rates. ..... The income tax owed is $ (Type an integer or a decimal. Round to the nearest cent as needed.)

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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Follow US Tax procedure for calculations. posting for second time , previous wrong. if it is wrong , downvote sure and review will be given to the bartleby.
The following table shows tax due for the given taxable income level for a single taxpayer. Taxable income Tax due $97,000 $97,050 $97,100 $97,150 $97,200 $21,913 $21,927 $21,941 $21,955 $21,969 (a) Show that the data in the table are linear. For every change of $50 in the taxable income there is constant change of $ 1.00 in the tax due. These data exhibit a constant rate of change and are linear. (b) How much additional tax is due on each dollar over $97,000? (Round your answer to the nearest cent.) per dollar (c) What would you expect for your tax due if you had a taxable income of $97,000? 24 What would you expect for your tax due if you had a taxable income of $98,000? $ (d) Find a linear formula that gives tax due T if your income is A dollars over $97,000. (Round equation parameters to two decimal places.) T =
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Example 4-2 To compute the tax using the percentage method, follow the steps illustrated below. Step 1 Determine the amount of gross wages earned, marital status, number of allowances, and frequency of pay. Note: If the wage ends in a fractional dollar amount, the wage may be rounded to the nearest dollar. However, in this text, exact wages are used. ➡ Wilson Goodman, single, claims two allowances and earns $915.60 semimonthly. Step 2 Multiply the number of allowances claimed by the amount of one allowance for the appropriate payroll period, as shown in the Table of Allowance Values in Figure 4.6. ➡ Table of Allowance Values for semimonthly payroll period shows $175.00. Multiply $175.00 × 2 = $350.00 Step 3 Subtract the amount for the number of allowances claimed from the employee’s gross pay to find the excess of wages over allowances claimed. ➡ Gross pay $915.60 Less: Allowances 350.00 Excess wages $565.60 Step 4…
Calculate Melissa Allen’s tax liability for taxable income of $59,580. She files single and claims 3 exemptions. (Use Table 7.3) (Round your final answer to the nearest cent.)
Use the 2016 marginal tax rates to compute the tax owed by the following person. A head of household with a taxable income of $129,000 and an $8000 tax credit The tax owed is $
Given the following tax structure, Taxpayer Salary Total tax $21,500 $1,032 $46,000 ??? Mae Pedro a. What is the minimum tax that Pedro should pay to make the tax structure vertically equitable based on the tax rate paid? (Round your final answer to nearest whole dollar amount.) Minimum tax b. This would result in what type of tax rate structure? Tax rate structure
Use the following tax table to determine how much income tax is paid on 512500 of taxable income. Single Taxable Income Tax Brackets and Rates, 2017 Rate Taxable Income Bracket 10% $0 to $9,325 15% $9,325 to $37,950 25% $37,950 to $91,900 28% $91,900 to $191,650 33% $191,650 to $416,700 35% $416,700 to $418,400 39.60% $418,400+
A9
For the person below, calculate the FICA tax and income tax to obtain the total tax owed. Then find the overall tax rate on the gross income, including both FICA and income tax. Assume that the individual is single and takes the standard deduction. A man earned $30,000 from wages. Tax Rate 10% Single up to $9325 15% up to $37,950 25% up to $91,900 28% up to $191,650 33% up to $416,700 35% up to $418,400 39.6% above $418,400 Standard deduction Exemption (per person) $6350 $4050 Let FICA tax rates be 7.65% on the first $127,200 of income from wages, and 1.45% on any income from wages in excess of $127,200. His FICA tax is $ (Round up to the nearest dollar.)