Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Canvas For the tax filer described, use the provided 2018 Marginal Tax Rates and compute the least amount of federal income tax owed. Round to

image text in transcribed
Canvas For the tax filer described, use the provided 2018 Marginal Tax Rates and compute the least amount of federal income tax owed. Round to the nearest dollar. Filing Status: Single Dependents: None Gross income: $82.000 Adjustments: 57.800 Deductions: $2000 charitable contributions $2500 student loan interest Tax Credits: None 2018 Marginal Tax Rates Marginal Tax Rate Single Married Filing Jointly Head of Household 1056 $0-$19,050 12% 229 $0-$9,525 $9,525-$38,700 $38,700-$82,500 $82,500-$157,500 $157,500-$200,000 $200,000-$500,000 Over $500,000 $19,050-$77.400 $77,400-$165,000 $165,000-$315,000 24% Married Filing Separately $0-$9,525 $9,525-$38,700 $38, 700-582,500 $82,500-$157,500 $157,500-$200,000 $200,000-$300,000 Over $300,000 $12,000 3296 $0-$13,600 $13,600-$51,850 $51,850-$82,500 $82,500-$157,500 $157,000-$200,000 $200,000-$500,000 Over $500,000 $18,000 35% $315,000-$400,000 $400,000-$600,000 Over $600,000 $24,000 37% Standard Deduction $12,000 Exemption per person None None None None

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Company Accounting

Authors: Ken Leo, Jeffrey Knapp, Susan McGowan, John Sweeting

11th Edition

0730344770, 9780730344773

More Books

Students also viewed these Accounting questions

Question

L A -r- P[N]

Answered: 1 week ago