If Your Taxable Income Is Up to $8,925 $8,925 - $36,250 $36,250 - $87,850 $87,850 - $183,250 $183,250 - $398,350 $398,350 - $400,000 Over $400,000 2013 Individual Tax Rates Single Individuals You Pay This Plus This Percentage Amount on the on the Excess over the Base of the Bracket Base (Marginal Rate) $0 10.0% 892.50 15.0 4,991.25 25.0 17,891.25 28.0 44,603.25 33.0 115,586.25 35.0 116,163.75 39.6 Average Tax Rate at Top of Bracket 10.0% 13.8 20.4 24.3 29.0 29.0 39.6 Standard deduction for individual: $6,100 Married couples Filing Joint Returns You Pay This Plus This Percentage If Your Taxable Amount on the on the Excess over the Income Is Base of the Bracket Base (Marginal Rate) Up to $17,850 $0 10.0% $17,850 - $72,500 1,785.00 15.0 $72,500 - $146,400 9,982.50 25.0 $146,400 - $223,050 28,457.50 28.0 $223,050 - $398,350 49,919.50 33.0 $398,350 - $450,000 107,768.50 35.0 Over $450,000 125,846.00 39.6 Average Tax Rate at Top of Bracket 10.0% 13.8 19.4 22.4 27.1 28.0 39.6 Standard deduction for married couples filing jointly: $12,200 Quantitative Problem: Jenna is a single taxpayer with no dependents so she qualifies for one personal exemption. During 2013, she earned wages of $124,000. She doesn't itemize deductions, so she will take the standard deduction and her personal exemption to calculate 2013 taxable income. In addition, during the year she sold common stock that she had owned for five years for a net profit of $6,100. How much does Jenna owe to the IRS for taxes? Round your intermediated and final answers to the nearest cent. $ 2013 Corporate Tax Rates You Pay This Plus This Percentage Amount on the on the Excess over the If Your Taxable Income Is Base of the Bracket Base (Marginal Rate) Up to $50,000 $0 15.0% $50,000 - $75,000 7,500 25.0 $75,000 - $100,000 13,750 34.0 $100,000 - $335,000 22,250 39.0 $335,000 - $10,000,000 113,900 34.0 $10,000,000 - $15,000,000 3,400,000 35.0 $15,000,000 - $18,333,333 5,150,000 38.0 Over $18,333,333 6,416,667 35.0 Average Tax Rate at Top of Bracket 15.0% 18.3 22.3 34.0 34.0 34.3 35.0 35.0 Quantitative Problem: Andrews Corporation has income from operations of $239,000. In addition, it received interest income of $23,900 and received dividend income of $31,800 from another corporation. Finally, it paid $11,000 of interest income to its bondholders and paid $44,700 of dividends to its common stockholders. Using the 2013 corporate tax schedule, what is the firm's federal income tax? Round your intermediated and final answers to the nearest cent. $ If Your Taxable Income Is Up to $8,925 $8,925 - $36,250 $36,250 - $87,850 $87,850 - $183,250 $183,250 - $398,350 $398,350 - $400,000 Over $400,000 2013 Individual Tax Rates Single Individuals You Pay This Plus This Percentage Amount on the on the Excess over the Base of the Bracket Base (Marginal Rate) $0 10.0% 892.50 15.0 4,991.25 25.0 17,891.25 28.0 44,603.25 33.0 115,586.25 35.0 116,163.75 39.6 Average Tax Rate at Top of Bracket 10.0% 13.8 20.4 24.3 29.0 29.0 39.6 Standard deduction for individual: $6,100 Married couples Filing Joint Returns You Pay This Plus This Percentage If Your Taxable Amount on the on the Excess over the Income Is Base of the Bracket Base (Marginal Rate) Up to $17,850 $0 10.0% $17,850 - $72,500 1,785.00 15.0 $72,500 - $146,400 9,982.50 25.0 $146,400 - $223,050 28,457.50 28.0 $223,050 - $398,350 49,919.50 33.0 $398,350 - $450,000 107,768.50 35.0 Over $450,000 125,846.00 39.6 Average Tax Rate at Top of Bracket 10.0% 13.8 19.4 22.4 27.1 28.0 39.6 Standard deduction for married couples filing jointly: $12,200 Quantitative Problem: Jenna is a single taxpayer with no dependents so she qualifies for one personal exemption. During 2013, she earned wages of $124,000. She doesn't itemize deductions, so she will take the standard deduction and her personal exemption to calculate 2013 taxable income. In addition, during the year she sold common stock that she had owned for five years for a net profit of $6,100. How much does Jenna owe to the IRS for taxes? Round your intermediated and final answers to the nearest cent. $ 2013 Corporate Tax Rates You Pay This Plus This Percentage Amount on the on the Excess over the If Your Taxable Income Is Base of the Bracket Base (Marginal Rate) Up to $50,000 $0 15.0% $50,000 - $75,000 7,500 25.0 $75,000 - $100,000 13,750 34.0 $100,000 - $335,000 22,250 39.0 $335,000 - $10,000,000 113,900 34.0 $10,000,000 - $15,000,000 3,400,000 35.0 $15,000,000 - $18,333,333 5,150,000 38.0 Over $18,333,333 6,416,667 35.0 Average Tax Rate at Top of Bracket 15.0% 18.3 22.3 34.0 34.0 34.3 35.0 35.0 Quantitative Problem: Andrews Corporation has income from operations of $239,000. In addition, it received interest income of $23,900 and received dividend income of $31,800 from another corporation. Finally, it paid $11,000 of interest income to its bondholders and paid $44,700 of dividends to its common stockholders. Using the 2013 corporate tax schedule, what is the firm's federal income tax? Round your intermediated and final answers to the nearest cent. $