Use the marginal tax rates in the table below to compute the tax owed in the following situation. Gene is married filing separately with a taxable income of $67,700. Solve The tax owed is $ . enter your response here. Tax Rate Married filing separately 10% up to $9325 15% up to $37,950 25% up to $76,550 28% up to $116,675 33% up to $208,350 35% up to $235,350 39.6% above $235,350 Standard deduction $6350 Exemption (per person) $4050
Use the marginal tax rates in the table below to compute the tax owed in the following situation. Gene is married filing separately with a taxable income of $67,700. Solve The tax owed is $ . enter your response here. Tax Rate Married filing separately 10% up to $9325 15% up to $37,950 25% up to $76,550 28% up to $116,675 33% up to $208,350 35% up to $235,350 39.6% above $235,350 Standard deduction $6350 Exemption (per person) $4050
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Use the marginal tax rates in the table below to compute the tax owed in the following situation.
Gene is married filing separately with a taxable income of $67,700.
Solve
The tax owed is $ . enter your response here.
Tax Rate
|
Married filing separately |
---|---|
10%
|
up to $9325
|
15%
|
up to $37,950
|
25%
|
up to
$76,550
|
28%
|
up to
$116,675
|
33%
|
up to
$208,350
|
35%
|
up to
$235,350
|
39.6%
|
above
$235,350
|
Standard deduction
|
$6350
|
Exemption
(per person)
|
$4050
|
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