Use the 2016 marginal tax rates to compute the tax owed by the following person.A single woman with a taxable income of $58,000Click 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 single woman with a taxable income of $58,000The tax owed is $.(Type an integer or a decimal. Round to the nearest cent as needed.)2016 marginal tax rates2016 Marginal Tax Rates, Standard Deductions, and ExemptionsUnmarried and payingUnmarried, divorced, Married and each partneror legally separated files a separate tax returnMarried and bothpartners file a single more than half the costof supporting a childor parenttax returnTax RateSingleup to $9275Married Filing Separately Married Filing JointlyHead of Household10%up to $9275up to $18,550up to $13,25015%$9276 to $37,650$9276 to $37,650$18,551 to $75,300$13,251 to $50,40025%$37,651 to $91,150$37,651 to $75,950$75,301 to $151,900$50,401 to $130,15028%$91,151 to $190,150$75,951 to $115,725$151,901 to $231,450$130,151 to $210,80033%$190,151 to $413,350$115,726 to $206,675$231,451 to $413,350$210,801 to $413,35035%$413,351 to $415,050$206,676 to $233,475$413,351 to $466,950 $413,351 to $441,000more than $233,475$630039.6%more than $415,050more than $466,950more than $441,000Standard$6300$12,600$9300DeductionExemptions (per $4050person)$4050$4050$4050PrintDone

Here in this question, we are required to calculated tax owed. For calculating that, we will go slab…

Use the 2016 marginal tax rates to compute the tax owed by the following person. A single woman with a taxable income of $58,000 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 single woman with a taxable income of $58,000 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.)

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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Question

Use the 2016 marginal tax rates to compute the tax owed by the following person.
A single woman with a taxable income of $58,000
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 single woman with a taxable income of $58,000
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 files a separate tax return
Married and both
partners file a single more than half the cost
of supporting a child
or parent
tax return
Tax Rate
Single
up to $9275
Married Filing Separately Married Filing Jointly
Head of Household
10%
up to $9275
up to $18,550
up to $13,250
15%
$9276 to $37,650
$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
more than $233,475
$6300
39.6%
more than $415,050
more than $466,950
more than $441,000
Standard
$6300
$12,600
$9300
Deduction
Exemptions (per $4050
person)
$4050
$4050
$4050
Print
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