$2018$ Individual Tax Rates

Single Individuals

If Your Taxable Income Is You Pay This

Amount on the

Base of the Bracket Plus This Percentage

on the Excess over the

Base $($Marginal Rate$)$ Average Tax

Rate at

Top of Bracket

Up to $$9,525$ $$010\mathrm{.}0\%10\mathrm{.}0\%$

$$9,525-$ $$38,700952\mathrm{.}5012\mathrm{.}011\mathrm{.}5$

$$38,700-$ $$82,5004,453\mathrm{.}5022\mathrm{.}017\mathrm{.}1$

$$82,500-$ $$157,50014,089\mathrm{.}5024\mathrm{.}020\mathrm{.}4$

$$157,500-$ $$200,00032,089\mathrm{.}5032\mathrm{.}022\mathrm{.}8$

$$200,000-$ $$500,00045,689\mathrm{.}5035\mathrm{.}030\mathrm{.}1$

Over $$500,000150,689\mathrm{.}5037\mathrm{.}037\mathrm{.}0$

Standard deduction for individual: $$12,000$

Married Couples Filing Joint Returns

If Your Taxable Income Is You Pay This

Amount on the

Base of the Bracket Plus This Percentage

on the Excess over the

Base $($Marginal Rate$)$ Average Tax

Rate at

Top of Bracket

Up to $$19,050$ $$010\mathrm{.}0\%10\mathrm{.}0\%$

$$19,050-$ $$77,4001,905\mathrm{.}0012\mathrm{.}011\mathrm{.}5$

$$77,400-$ $$165,0008,907\mathrm{.}0022\mathrm{.}017\mathrm{.}1$

$$165,000-$ $$315,00028,179\mathrm{.}0024\mathrm{.}020\mathrm{.}4$

$$315,000-$ $$400,00064,179\mathrm{.}0032\mathrm{.}022\mathrm{.}8$

$$400,000-$ $$600,00091,379\mathrm{.}0035\mathrm{.}026\mathrm{.}9$

Over $$600,000161,379\mathrm{.}0037\mathrm{.}037\mathrm{.}0$

Standard deduction for married couples filing jointly: $$24,000$

Quantitative Problem: Jenna is a single taxpayer. During $2018,$ she earned wages of $$117,000.$ She doesn't itemize deductions, so she will take the standard deduction to calculate $2018$ taxable income. In addition, during the year she sold common stock that she had owned for five years for a net profit of $$4,900.$ How much does Jenna owe to the IRS for taxes? Do not round intermediate calculations. Round your answer to the nearest cent.