Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

his Question: 1 pl 8 of 14 (5 complete) Ise the 2016 marginal tax rates to compute the income tax owed by the following person

image text in transcribed
his Question: 1 pl 8 of 14 (5 complete) Ise the 2016 marginal tax rates to compute the income tax owed by the following person Unmarried head of household with two dependent children Gross income: $68,000 Adjustments: none Deductions: 53431 state taxes 52000 theft loss 0 2016 Marginal Tax Rates Tax credit: 53000 Click the icon to view the 2016 marginal tax rates The income tax owed is (Type an integer or a decimal. Round to the nearest ca Tax Rate 1045 15% 25% 28% 33% 35% 39.6% Standard Deduction Exemptions per person 2016 Marginal Tax Rates, Standard Deductions, and Exemptions Unmarried, divorced, Married and each partner Married and both Unmarried and pay or legally separated files a separate tax retum partners file a single more than half the tax return of supporting a chi or parents Single Married Filing Separately Married Filing Jointly Head of Househol up to $9275 up to $9275 up to $18,550 up to $13,250 59276 to 537 650 $9276 to 537,650 $18,551 to $75,300 $13,251 to $50,400 $37651 to $91,150 $37 651 to $75,950 $75,301 to $151900 550 401 to $130,150 591,151 to $190.150 $75.951 to $115.725 $151.901 to 5231,450 $130,151 to $210,800 $190, 151 to $413,350 $115.726 to $206.675 5231451 to 5413,350 $210,801 to 5413 350 $413 351 to $415.050 $206.676 to $233475 5413.351 to $466.950 $413.351 to $441,000 more than $415.050 more than $233 475 more than $466.950 more than $441,000 56300 $6300 $12.600 59300 Enter your answer the answer box $4050 $4050 54050 $4050

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_2

Step: 3

blur-text-image_3

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

Financial Modeling

Authors: Simon Benninga

3rd Edition

0262026287, 9780262026284

More Books

Students also viewed these Accounting questions

Question

How do nonmanufacturing costs and indirect costs differ?

Answered: 1 week ago

Question

d. Is the program accredited?

Answered: 1 week ago