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: $48,000 Adjustments: none Deductions: $3817 state taxes. $2000 theft loss Tax credit: $2000 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.) 2016 Marginal Tax Rates Tax Rate 10% 15% 25% 28% 33% 35% 39.6% Standard Deduction 2016 Marginal Tax Rates, Standard Deductions, and Exemptions Married and both Unmarried, divorced, Married and each partner or legally separated partners file a single tax return files a separate tax return Single up to $9275 $9276 to $37,650 $37,651 to $91,150 $91,151 to $190,150 $190,151 to $413,350. $413,351 to $415,050 more than $415,050 $6300 Exemptions $4050 (per person) ILS $4050 Married Filing Separately Married Filing Jointly up to $9275 $9276 to $37,650 $37,651 to $75,950 $75,951 to $115,725 $115,726 to $206,675 $206,676 to $233,475 more than $233,475 $6300 Unmarried and paying more than half the cost of supporting a child or parent Head of Household up to $13,250 $13,251 to $50,400 $50,401 to $130,150 $130,151 to $210,800 $210,801 to $413,350 $413,351 to $441,000 more than $441,000 $9300 $4050 up to $18,550 $18,551 to $75,300 $75,301 to $151,900 $151,901 to $231,450 $231,451 to $413,350 $413,351 to $466,950 more than $466,950 $12,600 $4050
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: $48,000 Adjustments: none Deductions: $3817 state taxes. $2000 theft loss Tax credit: $2000 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.) 2016 Marginal Tax Rates Tax Rate 10% 15% 25% 28% 33% 35% 39.6% Standard Deduction 2016 Marginal Tax Rates, Standard Deductions, and Exemptions Married and both Unmarried, divorced, Married and each partner or legally separated partners file a single tax return files a separate tax return Single up to $9275 $9276 to $37,650 $37,651 to $91,150 $91,151 to $190,150 $190,151 to $413,350. $413,351 to $415,050 more than $415,050 $6300 Exemptions $4050 (per person) ILS $4050 Married Filing Separately Married Filing Jointly up to $9275 $9276 to $37,650 $37,651 to $75,950 $75,951 to $115,725 $115,726 to $206,675 $206,676 to $233,475 more than $233,475 $6300 Unmarried and paying more than half the cost of supporting a child or parent Head of Household up to $13,250 $13,251 to $50,400 $50,401 to $130,150 $130,151 to $210,800 $210,801 to $413,350 $413,351 to $441,000 more than $441,000 $9300 $4050 up to $18,550 $18,551 to $75,300 $75,301 to $151,900 $151,901 to $231,450 $231,451 to $413,350 $413,351 to $466,950 more than $466,950 $12,600 $4050
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:K
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: $48,000
Adjustments: none
Deductions: $3817 state taxes.
$2000 theft loss
Tax credit: $2000
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.)
2016 Marginal Tax Rates
Tax Rate
10%
15%
25%
28%
33%
35%
39.6%
Standard
Deduction
Exemptions
(per person)
2016 Marginal Tax Rates, Standard Deductions, and Exemptions
Unmarried, divorced, Married and each partner
or legally separated
files a separate tax return
Single
up to $9275
$9276 to $37,650
$37,651 to $91,150
$91,151 to $190,150
$190,151 to $413,350
$413,351 to $415,050
more than $415,050
$6300
$4050
Married Filing Separately
up to $9275
$9276 to $37,650
$37,651 to $75,950
$75,951 to $115,725
$115,726 to $206,675
$206,676 to $233,475
more than $233,475
$6300
ACCES
$4050
Married and both
partners file a single
tax return
Unmarried and paying
more than half the cost
of supporting a child
or parent
Head of Household
up to $13,250
$13,251 to $50,400
$50,401 to $130,150
$130,151 to $210,800
$210,801 to $413,350
$413,351 to $441,000
more than $441,000
$9300
Married Filing Jointly
up to $18,550
$18,551 to $75,300
$75,301 to $151,900
$151,901 to $231,450
$231,451 to $413,350
$413,351 to $466,950
more than $466,950
$12,600
$4050
$4050
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