Use the 2016 marginal tax rates to compute the tax owed by the following couple.A married couple filing jointly with a taxable income of $317,000 and a $8000 tax crediti Click the icon to view the 2016 marginal tax rates.The 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 costof supporting a childor parenttax returnTax RateSingleMarried Filing Separately Married Filing JointlyHead of Householdup to $9275$9276 to $37,65010%up to $9275up to $18,550up to $13,25015%$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 $441,000Standard$6300$6300$12,600$9300DeductionExemptions (per $4050person)$4050$4050$4050PrintDone

A tax liability seems to be a payment owing to a federal, state, or municipal tax body by a person,…

Answered: Use the 2016 marginal tax rates to…

Use the 2016 marginal tax rates to compute the tax owed by the following couple. A married couple filing jointly with a taxable income of $317,000 and a $8000 tax credit

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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Concept explainers

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.

Question

Use the 2016 marginal tax rates to compute the tax owed by the following couple.
A married couple filing jointly with a taxable income of $317,000 and a $8000 tax credit
i Click the icon to view the 2016 marginal tax rates.
The tax owed is $
(Type an integer or a decimal. Round to the nearest cent as needed.)

2016 marginal tax rates
2016 Marginal Tax Rates, Standard Deductions, and Exemptions
Unmarried and paying
Unmarried, divorced, Married and each partner
or legally separated
Married and both
files a separate tax return partners file a single more than half the cost
of supporting a child
or parent
tax return
Tax Rate
Single
Married Filing Separately Married Filing Jointly
Head of Household
up to $9275
$9276 to $37,650
10%
up to $9275
up to $18,550
up to $13,250
15%
$9276 to $37,650
$18,551 to $75,300
$13,251 to $50,400
25%
$37,651 to $91,150
$37,651 to $75,950
$75,301 to $151,900
$50,401 to $130,150
28%
$91,151 to $190,150
$75,951 to $115,725
$151,901 to $231,450 $130,151 to $210,800
33%
$190,151 to $413,350
$115,726 to $206,675
$231,451 to $413,350 $210,801 to $413,350
35%
$413,351 to $415,050
$206,676 to $233,475
$413,351 to $466,950 $413,351 to $441,000
39.6%
more than $415,050
more than $233,475
more than $466,950
more than $441,000
Standard
$6300
$6300
$12,600
$9300
Deduction
Exemptions (per $4050
person)
$4050
$4050
$4050
Print
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