Use the 2016 marginal tax rates to compute the tax owed by a married couple filing jointly with a taxable income of $302,000 and a $8,000 tax credit . 1: 2016 Marginal Tax RatesTax Rate10%15%<-25%28%33%35%39.6%StandardDeduction2016 Marginal Tax Rates, Standard Deductions, and ExemptionsMarried and each partnerfiles a separate tax returnUnmarried, divorced,or legally separatedExemptions (per $4050person)Singleup to $9275$9276 to $37,650$37,651 to $91,150$91,151 to $190,150$190,151 to $413,350$413,351 to $415,050more than $415,050$6300Married and bothpartners file a singletax returnMarried Filing Separately Married Filing Jointlyup to $9275-$9276 to $37,650-$37,651 to $75,950$75,951 to $115,725$115,726 to $206,675$206,676 to $233,475more than $233,475$6300up 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 $466,950more than $466,950$12,600$4050$4050Unmarried and payingmore than half the costof supporting a childor parentHead of Householdup 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 $441,000more than $441,000$9300$4050

Answered: Use the 2016 marginal tax rates to…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Use the 2016 marginal tax rates to compute the tax owed by a married couple filing jointly with a taxable income of $302,000 and a $8,000 tax credit .

1: 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 each partner
files a separate tax return
Unmarried, divorced,
or legally separated
Exemptions (per $4050
person)
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
Married and both
partners file a single
tax return
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
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
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

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Tax owed refers to the tax liability which is the amount of payment owed through the business, entity or an individual to the tax authorities. In short, it is the tax liability on taxpayer when taxpayer earns income or have profits on selling the investment or asset.

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