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How to apply deduction to tax amount? Do multiple deductions stack? Please help grades of 30 students in a math class: ccccccccccoDDDDFFF Problem 5 (30
How to apply deduction to tax amount? Do multiple deductions stack? Please help
grades of 30 students in a math class: ccccccccccoDDDDFFF Problem 5 (30 points) Using 2017 rates below, calculate the tax owed by each of the following people. Assume that they all take the standard deduction and neglect any tax credits a) Deidre is single with dependents. Her adjusted gross income is $150,000. b) Robert is a head of household taking care of two dependent children. His adjusted gross income is $70,000. c) Frank and Jessica are married with no dependents. They filed jointly. They have a total adjusted gross income of $ 250,000. Pol0000 25% -14,500 aopoo 70,000 TABLE 4.9 2017 Marginal Tax Rates, Standard Deductions, and Exemptions Married Filing Married Filing Head of Tax Rate Single Jointly Separately Household 10% up to $9325 up to $18,650 up to $9325 up to $13,350 up to $37,950 up to $75,900 up to $37.950 up to $50,800 25% up to $91,900 up to $153,100 up to $76,550 up to $131,200 28% up to $191,650 up to $233,350 up to $116,675 up to $212,500 33% up to $416,700 up to 5416,700 - up to $208,350 up to $416,700 35% up to $418,400 up to $470,700 up to $235,350 up to $444,550 39.6% above $418,400 above $470,700 above $235,350 above $444,550 Standard $6350 $12,700 $6350 $9350 deduction Exemption $4050 $4050 $4050 $4050 (per person) * This table ignores (1) exemption and deduction phase-outs that apply to high-income taxpayers; (b) the alterna- tive minimum tax (AMT) that affects many middle- and high-income taxpayers; (ii) potential changes in tax law made after this text was printed that may have changed the values given in this table for 2017. Each higher marginal rate begins where the prior one leaves off. For example, for a single person, the 15% marginal rate affects income starting at $9325, which is where the 10% rate leaves off, and continuing up to 537,950. uosox qug 100 52, soo tax pre dedu tra) 25% 17,500 Deducten 8, 100 aflatges der $quo o incone 70,000 C) $250,000 (0.33)-482,50D 9,400 money lef 60,000 grades of 30 students in a math class: ccccccccccoDDDDFFF Problem 5 (30 points) Using 2017 rates below, calculate the tax owed by each of the following people. Assume that they all take the standard deduction and neglect any tax credits a) Deidre is single with dependents. Her adjusted gross income is $150,000. b) Robert is a head of household taking care of two dependent children. His adjusted gross income is $70,000. c) Frank and Jessica are married with no dependents. They filed jointly. They have a total adjusted gross income of $ 250,000. Pol0000 25% -14,500 aopoo 70,000 TABLE 4.9 2017 Marginal Tax Rates, Standard Deductions, and Exemptions Married Filing Married Filing Head of Tax Rate Single Jointly Separately Household 10% up to $9325 up to $18,650 up to $9325 up to $13,350 up to $37,950 up to $75,900 up to $37.950 up to $50,800 25% up to $91,900 up to $153,100 up to $76,550 up to $131,200 28% up to $191,650 up to $233,350 up to $116,675 up to $212,500 33% up to $416,700 up to 5416,700 - up to $208,350 up to $416,700 35% up to $418,400 up to $470,700 up to $235,350 up to $444,550 39.6% above $418,400 above $470,700 above $235,350 above $444,550 Standard $6350 $12,700 $6350 $9350 deduction Exemption $4050 $4050 $4050 $4050 (per person) * This table ignores (1) exemption and deduction phase-outs that apply to high-income taxpayers; (b) the alterna- tive minimum tax (AMT) that affects many middle- and high-income taxpayers; (ii) potential changes in tax law made after this text was printed that may have changed the values given in this table for 2017. Each higher marginal rate begins where the prior one leaves off. For example, for a single person, the 15% marginal rate affects income starting at $9325, which is where the 10% rate leaves off, and continuing up to 537,950. uosox qug 100 52, soo tax pre dedu tra) 25% 17,500 Deducten 8, 100 aflatges der $quo o incone 70,000 C) $250,000 (0.33)-482,50D 9,400 money lef 60,000Step by Step Solution
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