Use the 2016 marginal tax rates to compute the tax owed by a married man filing separately with a taxable income of $143,000. Certainly! Here is the transcribed information that could appear on an educational website:---**2016 Marginal Tax Rates, Standard Deductions, and Exemptions**This table presents the marginal tax rates for different filing statuses in 2016, along with standard deductions and exemptions.| Tax Rate | Single | Married Filing Separately | Married Filing Jointly | Head of Household ||----------|--------------------------|---------------------------|-------------------------|--------------------------|| 10% | up to $9,275 | up to $9,275 | up to $18,550 | up to $13,250 || 15% | $9,276 to $37,650 | $9,276 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 || 39.6% | more than $415,050 | more than $233,475 | more than $466,950 | more than $441,000 |**Standard Deduction:**- Single: $6,300- Married Filing Separately: $6,300- Married Filing Jointly: $12,600- Head of Household: $9,300**Exemptions:**- $4,050 per personThese rates detail how different income levels are taxed and vary depending on whether an individual

Answered: Use the 2016 marginal tax rates to…

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

Certainly! Here is the transcribed information that could appear on an educational website:

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**2016 Marginal Tax Rates, Standard Deductions, and Exemptions**

This table presents the marginal tax rates for different filing statuses in 2016, along with standard deductions and exemptions.

| Tax Rate | Single | Married Filing Separately | Married Filing Jointly | Head of Household |
|----------|--------------------------|---------------------------|-------------------------|--------------------------|
| 10% | up to $9,275 | up to $9,275 | up to $18,550 | up to $13,250 |
| 15% | $9,276 to $37,650 | $9,276 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 |
| 39.6% | more than $415,050 | more than $233,475 | more than $466,950 | more than $441,000 |

**Standard Deduction:**

- Single: $6,300
- Married Filing Separately: $6,300
- Married Filing Jointly: $12,600
- Head of Household: $9,300

**Exemptions:**

- $4,050 per person

These rates detail how different income levels are taxed and vary depending on whether an individual

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A tax is a compulsory payment or financial burden imposed by any government on a person or a business. There are many different types of taxes, and the majority are levied as a percentage of a financial transaction. Other taxes, like property taxes, are levied in accordance with the asset's assessed value. It is required to pay taxes at the rates set by the government, and it is illegal to purposefully underpay your tax obligations.

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