Use the marginal tax rates in the table below to compute the tax owed in the following situation. The tax owed is S (Simplify your answer. Round to the nearest dollar as needed.) Marco is married filing separately with a taxable income of $67,900. Tax Rate 10% 15% 25% 28% 33% 35% 39.6% Standard deduction Exemption (per person) Married Filing Separately up to $9325 up to $37,950 up to $76,550 up to $116,675 up to $208,350 up to $235,350 above $235,350 $6350 $4050
Use the marginal tax rates in the table below to compute the tax owed in the following situation. The tax owed is S (Simplify your answer. Round to the nearest dollar as needed.) Marco is married filing separately with a taxable income of $67,900. Tax Rate 10% 15% 25% 28% 33% 35% 39.6% Standard deduction Exemption (per person) Married Filing Separately up to $9325 up to $37,950 up to $76,550 up to $116,675 up to $208,350 up to $235,350 above $235,350 $6350 $4050
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter3: Preparing Your Taxes
Section: Chapter Questions
Problem 1FPE: Calculating marginal tax rates. Lacey Hansen is single and received the items and amounts of income...
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Question
![Use the marginal tax rates in the table below to compute the tax owed in the
following situation.
The tax owed is S
(Simplify your answer. Round to the nearest dollar as needed.)
Marco is married filing separately with a taxable income of $67,900.
Tax Rate
10%
15%
25%
28%
33%
35%
39.6%
Standard deduction
Exemption
(per person)
Married Filing
Separately
up to $9325
up to $37,950
up to $76,550
up to $116,675
up to $208,350
up to $235,350
above $235,350
$6350
$4050](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9c6492a5-e428-4468-8e1b-953e38c30ed8%2Fca12f55c-8ae7-404f-b8f0-5da7e17978e4%2F9o8w3p.png&w=3840&q=75)
Transcribed Image Text:Use the marginal tax rates in the table below to compute the tax owed in the
following situation.
The tax owed is S
(Simplify your answer. Round to the nearest dollar as needed.)
Marco is married filing separately with a taxable income of $67,900.
Tax Rate
10%
15%
25%
28%
33%
35%
39.6%
Standard deduction
Exemption
(per person)
Married Filing
Separately
up to $9325
up to $37,950
up to $76,550
up to $116,675
up to $208,350
up to $235,350
above $235,350
$6350
$4050
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