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: $56,000- Adjustments: none- Deductions: - $4502 state taxes - $1000 theft loss- Tax credit: $3000Click 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, Standard Deductions, and Exemptions**This table outlines the U.S. federal income tax rates for the year 2016, along with standard deductions and exemptions, categorized by filing status.### Filing Status Categories:1. **Unmarried, divorced, or legally separated** (Single)2. **Married and each partner files a separate tax return** (Married Filing Separately)3. **Married and both partners file a single tax return** (Married Filing Jointly)4. **Unmarried and paying more than half the cost of supporting a child or parent** (Head of Household)### Tax Rates:- **10% Tax Rate** - Single: up to $9,275 - Married Filing Separately: up to $9,275 - Married Filing Jointly: up to $18,550 - Head of Household: up to $13,250- **15% Tax Rate** - Single: $9,276 to $37,650 - Married Filing Separately: $9,276 to $37,650 - Married Filing Jointly: $18,551 to $75,300 - Head of Household: $13,251 to $50,400- **25% Tax Rate** - Single: $37,651 to $91,150 - Married Filing Separately: $37,651 to $75,950 - Married Filing Jointly: $75,301 to $151,900 - Head of Household: $50,401 to $130,150- **28% Tax Rate** - Single: $91,151 to $190,150 - Married Filing Separately: $75,951 to $115,725 - Married Filing Jointly: $151,901 to $231,450 - Head of Household: $130,151 to $210,800- **33% Tax Rate** - Single: $190,151 to $413,350 - Married Filing Separately: $115,726 to $206,675 - Married Filing Jointly: $231,451 to $413,350 - Head of Household: $210,801 to $413,350- **35% Tax Rate** - Single: $413,351 to $

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: $56,000 Adjustments: none Deductions: $4502 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: $56,000 Adjustments: none Deductions: $4502 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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What is the average tax rate paid by a single person with a$60,000 adjusted gross income for 2015?
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