Basic Federal Income Tax Exercise Below are the IRS 2017 Federal Taxable Income Brackets and Rates Tables based on filing status (Single, Married Filing Jointly, and Head of Household). On the next page, compete the applicable tax liability calculations using the tables provided below Table 1. Single Taxable Income Brackets and Rates, 2017 Rate Taxable Income Bracket Tax Owed 10%) $0 to $9,325 15%) $9,325 to $37,950 25%) $37,950 to $91,900 28%) $91900 to $191 ,650 33%)$191,650 to $416,700 35%) $416,700 to $418,400 10% of Taxable Income $932.50 plus 15% of the excess over $9325 $5,226.25 plus 25% of the excess over $37,950 $18,713.75 plus 28% of the excess over $91 ,900 |$46,643.75 plus 33% ofthe excess over $191,650 |$120,910.25 plus 35% of the excess over $416,700 $121,505.25 plus 39.6% of the excess over $418,400 39.60%) $418,400+ Table 2. Married Filing Joint Taxable Income Brackets and Rates, 2017 Rate Taxable Income Bracket Tax Owed 10%) $0 to $18,650 15%) $18,650 to $75,900 25%) $75,900 to $153,100 28%) $153,100 to $233,350 33%)$233,350 to $416,700 35%) $416,700 to $470,700 10% of taxable inco $1 ,865 plus 15% of the excess over $18,650 $10,452.50 plus 25% of the excess over $75,900 |$29,752.50 plus 28% ofthe excess over $153,100 |$52,222.50 plus 33% ofthe excess over $233,350 |$112,728 plus 35% of the excess over $416,700 $131 ,628 plus 39.6% of the excess over $470,700 39.60%) $470,700+ Table 3. Head of Household Taxable Income Brackets and Rates,2017 Rate Taxable Income Bracket Tax Owed 10%)$0 to $13,350 15%) $13,350 to $50,800 25%) $50,800 to $131,200 28%)$131,200 to $212,500 33%)$212,500 to $416,700 35%) $416,700 to $444,500 10% of taxable inco $1 ,335 plus 15% of the excess over $13,350 $6,952.50 plus 25% of the excess over $50,800 |$27,052.50 plus 28% ofthe excess over $131,200 |$49,816.50 plus 33% ofthe excess over $212,500 SI 17,202.50 plus 35% of the excess over $416,701 $126,950 plus 39.6% of the excess over $444,550 39.60%| $444,550+ Source: IRS