Use the 2016 marginal tax rates to compute the tax owed by a single woman with a taxable income of $64,000. # 2016 Marginal Tax Rates, Standard Deductions, and ExemptionsThis document outlines the U.S. federal marginal tax rates for the year 2016. The tax rates vary based on filing status, including Single, Married Filing Separately, Married Filing Jointly, and Head of Household. Below are the specific tax brackets and standard deductions for each filing category:### Tax Rates by Filing Status- **10% Tax Rate** - **Single:** Income up to $9,275 - **Married Filing Separately:** Income up to $9,275 - **Married Filing Jointly:** Income up to $18,550 - **Head of Household:** Income 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 $415,050 - **Married Filing Separately:** $206,676 to $233

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Business

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Use the 2016 marginal tax rates to compute the tax owed by a single woman with a taxable income of $64,000

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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