Use the chart below to answer the question: Married Filing Jointly and Widow(er) Tax Rate Single Married Filing Separately Head of Household 10% $1 - $9075 $1 - $18,150 $1 - $9075 $1 - $12,950 15% $9076 - $36.900 $18,151 - $73.800 $9076 - $36,900 $12,951 - $49.400 25% S36,901 - S89,350 $73,801 - $148.850 $36,901 - $74,425 $49.401 - $127,550 28% S89,351 - $186,350 $148,851 - $226,850 $74,426 - $113,425 $127,551 - $206,600 33% $186.351 - $405.100 $226.851 - $405,100 $113,426 - $202,500 $206,601 - $405,100 35% $405,101 - $406,750 $405,101 - $457,600 $202,551 - $228.800 $405,101 - $432,200 39.6% over $406,750 over $457,600 over $228,800 over $432.200 Calculate the tax a person who files head of household would pay if their salary was $321,854. Round to the nearest penny.

Use the chart below to answer the question: Married Filing Jointly and Widow(er) Tax Rate Single Married Filing Separately Head of Household 10% $1 - $9075 $1 - $18,150 $1 - $9075 $1 - $12,950 15% $9076 - $36.900 $18,151 - $73.800 $9076 - $36,900 $12,951 - $49.400 25% S36,901 - S89,350 $73,801 - $148.850 $36,901 - $74,425 $49.401 - $127,550 28% S89,351 - $186,350 $148,851 - $226,850 $74,426 - $113,425 $127,551 - $206,600 33% $186.351 - $405.100 $226.851 - $405,100 $113,426 - $202,500 $206,601 - $405,100 35% $405,101 - $406,750 $405,101 - $457,600 $202,551 - $228.800 $405,101 - $432,200 39.6% over $406,750 over $457,600 over $228,800 over $432.200 Calculate the tax a person who files head of household would pay if their salary was $321,854. Round to the nearest penny.

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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