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. 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. 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.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![1: 2016 Marginal Tax Rates
Tax Rate
10%
15%
-25%
28%
33%
35%
39.6%
Standard
Deduction
2016 Marginal Tax Rates, Standard Deductions, and Exemptions
Married and each partner
files a separate tax return
Unmarried, divorced,
or legally separated
Exemptions (per $4050
person)
Single
up to $9275
$9276 to $37,650
$37,651 to $91,150
$91,151 to $190,150
$190,151 to $413,350
$413,351 to $415,050
more than $415,050
$6300
Married and both
partners file a single
tax return
Married Filing Separately Married Filing Jointly
up to $9275-
$9276 to $37,650-
$37,651 to $75,950
$75,951 to $115,725
$115,726 to $206,675
$206,676 to $233,475
more than $233,475
$6300
up to $18,550
$18,551 to $75,300
$75,301 to $151,900
$151,901 to $231,450
$231,451 to $413,350
$413,351 to $466,950
more than $466,950
$12,600
$4050
$4050
Unmarried and paying
more than half the cost
of supporting a child
or parent
Head of Household
up 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 $441,000
more than $441,000
$9300
$4050](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa7e7854b-0be5-41c7-9658-968f15b06285%2F414216a0-a43a-4894-98a4-84885d6513c9%2F655e57s_processed.jpeg&w=3840&q=75)
Transcribed Image Text:1: 2016 Marginal Tax Rates
Tax Rate
10%
15%
-25%
28%
33%
35%
39.6%
Standard
Deduction
2016 Marginal Tax Rates, Standard Deductions, and Exemptions
Married and each partner
files a separate tax return
Unmarried, divorced,
or legally separated
Exemptions (per $4050
person)
Single
up to $9275
$9276 to $37,650
$37,651 to $91,150
$91,151 to $190,150
$190,151 to $413,350
$413,351 to $415,050
more than $415,050
$6300
Married and both
partners file a single
tax return
Married Filing Separately Married Filing Jointly
up to $9275-
$9276 to $37,650-
$37,651 to $75,950
$75,951 to $115,725
$115,726 to $206,675
$206,676 to $233,475
more than $233,475
$6300
up to $18,550
$18,551 to $75,300
$75,301 to $151,900
$151,901 to $231,450
$231,451 to $413,350
$413,351 to $466,950
more than $466,950
$12,600
$4050
$4050
Unmarried and paying
more than half the cost
of supporting a child
or parent
Head of Household
up 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 $441,000
more than $441,000
$9300
$4050
![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.
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%2Fa7e7854b-0be5-41c7-9658-968f15b06285%2F414216a0-a43a-4894-98a4-84885d6513c9%2F4e5j7yl_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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.
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.)
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 2 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education