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: $49,000 Adjustments: none Deductions: $4856 state taxes $4000 theft loss Tax credit: $2000 Click the icon to view the 2016 marginal tax rates.

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: $49,000 Adjustments: none Deductions: $4856 state taxes $4000 theft loss Tax credit: $2000 Click the icon to view the 2016 marginal tax rates.

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.
Unmarried head of household with two dependent children.
Gross income: $49,000
Adjustments: none
Deductions: $4856 state taxes
$4000 theft loss
Tax credit: $2000
A 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.)

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