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.)2016 marginal tax rates2016 Marginal Tax Rates, Standard Deductions, and ExemptionsUnmarried and payingUnmarried, divorced, Married and each partneror legally separatedMarried and bothfiles a separate tax return partners file a single more than half the costtax returnof supporting a childor parentTax 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 $441,000ard$6300$630012,60$9300Deduction$4050Exemptions (per $4050person)$4050$4050PrintDone

Given, Gross income= $63000 Deductions= 3480 + 1000 = $4480 Net taxable income= 63000 - 4480 =…

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Use the 2016 marginal tax rates to compute the income tax owed by the following person.

PFIN (with PFIN Online, 1 term (6 months) Printed Access Card) (New, Engaging Titles from 4LTR Press)

6th Edition

ISBN:9781337117005

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter3: Preparing Your Taxes

Section: Chapter Questions

Problem 1FPE: Calculating marginal tax rates. Piper Wells is single and received the items and amounts of income...

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