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If Your Taxable Income Is Up to $ 8 , 9 2 5 $ 8 , 9 2 5 - $ 3 6 . 2
If Your Taxable Income Is
Up to $
$$
$$
Individual Tax Rates
Single Individuals
You Pay This Amount on the Base of the Bracket Plus This Percentage on the Excess over the Base Marginal Rate
Average Tax Rate at Top of Bracket
$
$$
$$
$$
Over $
Standard deduction for individual: $
Married Couples Filing Joint Returns
If Your Taxable Income Is
You Pay This Amount on the Base of the Bracket
Plus This Percentage on the Excess over the Base Marginal Rate
Average Tax Rate at Top of Bracket
Up to $
$$
$$
$$
$$
$$
Over $
Standard deduction for married couples filing jointly: $
Quantitative Problem: Jenna is a single taxpayer with no dependents so she qualifies for one personal exemption. During she earned wages of $ She doesn't itemize deductions, so she will take the standard deduction and her personal exemption to calculate taxable income. In addition, during the year she sold common stock that she had owned for five years for a net profit of $ How much does Jenna owe to the IRS for taxes? Round your intermediated and final answers to the nearest cent.
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Step: 1
To calculate Jennas tax liability for the year 2013 we need to consider her taxable income which is calculated by subtracting the standard deduction a...Get Instant Access to Expert-Tailored Solutions
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Step: 2
Step: 3
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