2013 Individual Tax Rates Single Individuals It Pays This Plus This Percentage If a Corporation's Amount on the on the Excess over the Taxable Income Is Base of the Bracket Base (Marginal Rate) Up to $8,925 $0 10.0% $8,925 - $36,250 892.50 15.0 $36,250 - $87,850 4,991.25 25.0 $87,850 - $183,250 17,891.25 28.0 $183,250 - $398,350 44,603.25 33.0 $398,350 - $400,000 115,586.25 35.0 Over $400,000 116,163.75 39.6 Average Tax Rate at Top of Bracket 10.0% 13.8 20.4 24.3 29.0 29.0 39.6 Standard deduction for individual: $6,100 Married couples Filing Joint Returns It Pays This If a Corporation's Amount on the Taxable Income Is Base of the Bracket Up to $17,850 $0 $17,850 - $72,500 1,785.00 $72,500 - $146,400 9,982.50 $146,400 - $223,050 28,457.50 $223,050 - $398,350 49,919.50 $398,350 - $4 ,000 107,768.50 Over $450,000 125,846.00 Plus This Percentage on the Excess over the Base (Marginal Rate) 10.0% 15.0 Average Tax Rate at Top of Bracket 10.0% 13.8 19.4 25.0 28.0 33.0 22.4 27.1 35.0 28.0 39.6 39.6 Standard deduction for married couples filing jointly: $12,200 Quantitative Problem: Jenna is a single taxpayer with no dependents so she qualifies for one personal exemption. During 2013, she earned wages of $108,000. She doesn't itemize deductions, so she will take the standard deduction and her personal exemption to calculate 2013 taxable income. In addition, during the year she sold common stock that she had owned for five years for a net profit of $5,800. How much does Jenna owe to the IRS for taxes? Round your intermediated and final answers to the nearest cent. Average Tax Rate at Top of Bracket 15.0% 2013 Corporate Tax Rates It Pays This Plus This Percentage Amount on the on the Excess over the Base of the Bracket Base (Marginal Rate) $0 15.0% 7,500 25.0 13,750 34.0 22,250 39.0 113,900 34.0 3,400,000 35.0 5,150,000 38.0 6,416,667 35.0 If a Corporation's Taxable Income Is Up to $50,000 $50,000 - $75,000 $75,000 - $100,000 $100,000 - $335,000 $335,000 - $10,000,000 $10,000,000 - $15,000,000 $15,000,000 - $18,333,333 Over $18,333,333 18.3 22.3 34.0 34.0 34.3 35.0 35.0 Quantitative Problem: Andrews Corporation has income from operations of $243,000. In addition, it received interest income of $24,300 and received dividend income of $30,900 from another corporation. Finally, it paid $10,700 of interest income to its bondholders and paid $42,700 of dividends to its common stockholders. Using the 2013 corporate tax schedule, what is the firm's federal income tax? Round your intermediated and final answers to the nearest cent. $