Use the 2016 marginal tax rates to compute the tax owed by the following person. unmarried head of household with two dependent children. Gross income:$57,000 Adjustment:none Deduction:$4790 state taxes $1000 theft loss Tax credit: $1000 The income tax owed is $_

Use the 2016 marginal tax rates to compute the tax owed by the following person. unmarried head of household with two dependent children. Gross income:$57,000 Adjustment:none Deduction:$4790 state taxes $1000 theft loss Tax credit: $1000 The income tax owed is $_

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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2. Taxes paid for a given income level Deborah is getting ready to do her taxes. She is single and lives in Miami. Deborah earned $250,000 in taxable income in 2015. She reviews the following table, which shows the IRS tax rates for a single taxpayer in 2015. On Annual Taxable Income... Up to $9,225 From $9,225 to $37,450 From $37,450 to $90,750 From $90,750 to $189,300 From $189,300 to $411,500 From $411,500 to $413,200 Over $413,200 The Tax Rate Is... (Percent) 10.0 15.0 Deborah calculates that she owes 25.0 28.0 33.0 35.0 39.6 Based on the IRS table, Deborah calculates that her marginal tax rate is 33% when her annual taxable income is $250,000. Deborah then calculates that her average tax rate is in income taxes for 2015. , based on the annual income level and the amount of taxes she owes for 2015.
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Use the 2010 marginal tax rates to compute the income tax owed by the following person Sngle male, no dependenta Gross income $79,000 Adjustmenta 12000 Deductiona. $20,000 mortgage interest 2010 Marginal Tax Rates 54605 property taxes sz000 chantable contributions Tax credt none 2016 Marginal Tax Rates, Standard Deductions, and Exemptions Unmarried, divorced, Married and each partner Married and both Click the icon to view the 2010 marginal tax rates Unmarried and paying or legally separated files a separate tax return partners file a single more than half the cost of supporting a child or parent The income tax owed is tax return (Type an ineger or a decimal. Round to the nearest cent as needed.) Tax Rate Single up to $9275 Married Filing Separately Married Filing Jointly Head of Household 10% up to S0275 $8276 to $37 650 up to $18,550 up lo $13,250 $13.251 to $50,400 15% S0276 to $37.650 $37 661 to $91,150 $18,551 to $75,300 25% $37,651 to $75.950 $75,301 to $151.900 $151.901 to…
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