Use the 2021 marginal tax rates to compute the tax owed by the person with the given filing status, taxable income, and tax credit. single with a taxable income of $22,000 and a $2500 tax credit Click the icon to view the 2021 marginal tax rates. CLEE The tax owed is dollars. (Type an integer or a decimal. Round to the nearest cent as needed.) 4

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Question

Subject: accounting 

 

Use the 2021 marginal tax rates to compute the tax owed by the person with the given filing status,
taxable income, and tax credit.
single with a taxable income of $22,000 and a $2500 tax credit
Click the icon to view the 2021 marginal tax rates.
***
The tax owed is
dollars.
(Type an integer or a decimal. Round to the nearest cent as needed.)
4
Transcribed Image Text:Use the 2021 marginal tax rates to compute the tax owed by the person with the given filing status, taxable income, and tax credit. single with a taxable income of $22,000 and a $2500 tax credit Click the icon to view the 2021 marginal tax rates. *** The tax owed is dollars. (Type an integer or a decimal. Round to the nearest cent as needed.) 4
2021 Marginal Tax Rates
Tax Rate
10%
12%
229
22%
24%
32%
35%
37%
Unmarried,
divorced, or
legally separated
Single
up to $9950
$9951 to $40,525
$40 526 to © COC 275
$40,526 to $ $86,375
$86,376 to $164,925
$164,926 to $209,425
$209,426 to $523,600
more than $523,600
Standard
Deduction $12,550
Married and each
partner files a
separate tax return
Married Filing
Separately
up to $9950
$9951 to $40,525
S40 526 in $26 275
Show Transcribed Text
Married and both
partners file a
single tax return
Married
Filing Jointly
up to $19,900
$19,901 to $81,050
501 061 to $172.750
$40,526 to $86,375
$86,376 to $164,925
$164,926 to $209,425
$209,426 to $314,150
more than $314,150
$12,550
$81,051 to $172,750
$172,751 to $329,850
$329,851 to $418,850
$418,851 to $628,300
more than $628,300
$25,100
Unmarried and paying mon
than half the cost of
supporting a child or paren
Head of
Household
up to $14,200
$14,201 to $54,200
$54201 to 596 350
$54,201 to $86,350
$86,351 to $164,900
$164.901 to $209,400
$209,401 to $523,600
more than $523,600
$18,800
Transcribed Image Text:2021 Marginal Tax Rates Tax Rate 10% 12% 229 22% 24% 32% 35% 37% Unmarried, divorced, or legally separated Single up to $9950 $9951 to $40,525 $40 526 to © COC 275 $40,526 to $ $86,375 $86,376 to $164,925 $164,926 to $209,425 $209,426 to $523,600 more than $523,600 Standard Deduction $12,550 Married and each partner files a separate tax return Married Filing Separately up to $9950 $9951 to $40,525 S40 526 in $26 275 Show Transcribed Text Married and both partners file a single tax return Married Filing Jointly up to $19,900 $19,901 to $81,050 501 061 to $172.750 $40,526 to $86,375 $86,376 to $164,925 $164,926 to $209,425 $209,426 to $314,150 more than $314,150 $12,550 $81,051 to $172,750 $172,751 to $329,850 $329,851 to $418,850 $418,851 to $628,300 more than $628,300 $25,100 Unmarried and paying mon than half the cost of supporting a child or paren Head of Household up to $14,200 $14,201 to $54,200 $54201 to 596 350 $54,201 to $86,350 $86,351 to $164,900 $164.901 to $209,400 $209,401 to $523,600 more than $523,600 $18,800
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