### 2016 Marginal Tax Rates#### Overview:This section provides information on the 2016 marginal tax rates, standard deductions, and exemptions based on different filing statuses.#### Tax Rates, Standard Deductions, and Exemptions:**Filing Statuses:**- **Single**- **Married Filing Separately**- **Married Filing Jointly**- **Head of Household****Tax Rate Brackets:**1. **10%** - Single: Up to $9,275 - Married Filing Separately: Up to $9,275 - Married Filing Jointly: Up to $18,550 - Head of Household: Up to $13,2502. **15%** - 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 $50,4003. **25%** - 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 $130,1504. **28%** - Single: $91,151 to $190,150 - Married Filing Separately: $75,951 to $115,726 - Married Filing Jointly: $151,901 to $231,450 - Head of Household: $130,151 to $210,8005. **33%** - 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 $413,3506. **35%** - Single: $413,351 to $415,050 - Married Filing Separately: $206,676 to $233,475 - Married Filing Jointly: $413,351 to $466,950 - Head of Household: $413,351 to $441,0007.

The tax rate that is applied to the subsequent dollar of income earned is known as the marginal tax.…

Use the 2016 marginal tax rates to compute the tax owed by the following person. A head of household with a taxable income of $89,000 and a $7000 tax credit Click the icon to view the 2016 marginal tax rates

Use the 2016 marginal tax rates to compute the tax owed by the following person. A head of household with a taxable income of $89,000 and a $7000 tax credit Click the icon to view the 2016 marginal tax rates

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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Reference attached image.
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