Individuals pay taxes on wages, on investment income, and on the profits of proprietorships and partnerships. Taxable income is defined as gross income less a set of exemptions and deductions. In 2013, the personal exemption is $3,900 per person. A capital gain (loss) is the profit (loss) from the sale of a capital asset for more (less) than its purchase price 2013 Individual Tax Rates Single Individuals If a Corporation's 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 It Pays This Amount on the Base of the Bracket $0 892.50 4,991.25 17,891.25 44,603.25 115,586.25 116,163.75 Plus This Percentage on the Excess over the Base (Marginal Rate) 10.0% 15.0 25.0 28.0 33.0 Average Tax Rate at Top of Bracket 10.0% 13.8 20.4 24.3 29.0 35.0 29.0 39.6 39.6 Standard deduction for individual: $6,100 $0 Married couples Filing Joint Returns It Pays This If a Corporation's Amount on the Taxable Income Is Base of the Bracket Up to $17,850 $17,850 - $72,500 1,785.00 $72,500 - $146,400 9,982.50 $146,400 - $223,050 28,457.50 $223,050 - $398,350 49,919.50 $398,350 - $450,000 107,768.50 Over $450,000 125,846.00 Plus This Percentage on the Excess over the Base (Marginal Rate) 10.0% 15.0 25.0 28.0 Average Tax Rate at Top of Bracket 10.0% 13.8 19.4 22.4 27.1 33.0 35.0 28.0 39.6 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 $112,000. 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 $6,700. How much does Jenna owe to the IRS for taxes? Round your intermediated and final answers to the nearest cent