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
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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2f6ea2c4-bd1d-4b5e-95c0-039dc0bb7765%2F5a5019c8-a5f9-451a-ad4b-1392ffc08b72%2Ftxs22de_processed.png&w=3840&q=75)
Transcribed Image Text: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
Done](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2f6ea2c4-bd1d-4b5e-95c0-039dc0bb7765%2F5a5019c8-a5f9-451a-ad4b-1392ffc08b72%2F6y0iyk_processed.png&w=3840&q=75)
Transcribed Image Text: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
Done
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