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 creditClick 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 RatesTax Rate10%15%25%28%33%35%39.6%2016 Marginal Tax Rates, Standard Deductions, and ExemptionsMarried and each partnerfiles a separate tax returnUnmarried, divorced,or legally separatedSingleup 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$6300StandardDeductionExemptions (per $4050person)Married Filing Separately Married Filing Jointlyup to $9275up to $18,550$9276 to $37,650$18,551 to $75,300$37,651 to $75,950$75,301 to $151,900$75,951 to $115,725$151,901 to $231,450$115,726 to $206,675 $231,451 to $413,350$206,676 to $233,475 $413,351 to $466,950more than $233,475more than $466,950$6300$12,600$4050PrintMarried and bothpartners file a singletax return$4050DoneUnmarried 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$4050X

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

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter2: The Domestic And International Financial Marketplace

Section2.A: Taxes

Problem 3P

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