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In the year 2016, Ethan was single and had a total income of $85,000. He took a deduction of $9,000 and had a tax credit
In the year 2016, Ethan was single and had a total income of $85,000. He took a deduction of $9,000 and had a tax credit of $1,500. Calculate the tax owed by Ethan. (Refer to the 2016 Tax Table for Singles for tax rates.)
2016 Tax Table for Singles If Taxable Income The Tax is Is over But not over This amount Plus this % Of the excess over Schedule XUse if your filing status is Single $0 $9275 10% 9276 37,650 $927.50 15 % 37,651 91,150 5183.75 25 % 91,151 190,150 18,558.75 28 % 190,151 413,350 46,278.75 33 % 413,351 415,050 119,934.75 35 % 415,051 120,529.75 39.6 % $0 9275 37,650 91,150 190,150 413,350 415,050Step by Step Solution
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