FIN4013 Final Exam 7. Jennifer is 24 years old and single, lives in an apartment, and has no dependents. Last year she earned $55,000 as a sales assistant for Office Furniture Rentals; $6,910 of her wages were withheld for federal income taxes. In addition, she had interest income of $142. Exemption is $3,950 per person and standard deduction which can be used here is $6,200. Tax rate is showed as below table. Estimate her taxable income, tax liability, and tax refund or tax owed. 2015 Tax Rates-Individual Taxpayers If Taxable Income Is Between: 0 - $9,225 $9,226 - $37,450 $37,451 - $90,750 $90,751 - $189,300 $189,301 - $411,500 $411,501 - $413,200 $413,201 + The Tax Due Is: 10% of taxable income $922.50 + 15% of the amount over $9,225 $5,156.25 + 25% of the amount over $37,450 $18,481.25 + 28% of the amount over $90,750 $46,075.25 + 33% of the amount over $189,300 $119,401.25 + 35% of the amount over $411,500 $119,996.25 + 39.6% of the amount over $413,200