**Tax Calculation Using 2016 Marginal Tax Rates**To compute the tax owed by the individual described, the 2016 marginal tax rates will be utilized. Below is the scenario and the instructions for calculating the tax:**Scenario:**- **Taxpayer Status:** Married, filing separately- **Taxable Income:** $143,000**Instructions:**- Review the 2016 marginal tax rates by clicking the provided icon.- Calculate the tax based on the provided income and filing status.**Task:**Determine the tax owed using the stated criteria.- **Input Field:** Enter the tax amount as an integer or a decimal.- **Rounding:** Round to the nearest cent as necessary.*(Note: Ensure you have accessed the 2016 marginal tax rates to perform an accurate calculation.)* **2016 Marginal Tax Rates, Standard Deductions, and Exemptions**This table outlines the U.S. federal income tax rates for 2016, along with the standard deductions and exemptions applicable to different filing categories.**Filing Status Categories:**1. Unmarried, Divorced, or Legally Separated - Single2. Married and Each Partner Files Separately3. Married and Both Partners File Jointly4. Unmarried and Paying More Than Half the Cost of Supporting a Child or Parent - Head of Household**Tax Rates:**- **10% Rate:** - Single: up to $9,275 - Married Filing Separately: up to $9,275 - Married Filing Jointly: up to $18,550 - Head of Household: up to $13,250- **15% 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% 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% 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% 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% Rate:** - Single: $413,351 to $415,050 - Married Filing Separately: $206,676 to $233,475

Use the 2016 marginal tax rates to compute the tax owed by the following person. A married man filing separately with a taxable income of $143,000. 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.)

Use the 2016 marginal tax rates to compute the tax owed by the following person. A married man filing separately with a taxable income of $143,000. 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.)

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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