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Ms. E, a single individual, had $115,000 taxable income. Assume the taxable year is 2017. Compute her income tax assuming that: a. Taxable income includes
Ms. E, a single individual, had $115,000 taxable income. Assume the taxable year is 2017. Compute her income tax assuming that:
a. Taxable income includes no capital gain. (Round your intermediate calculations and final answer to the nearest whole dollar amount.)
Single If taxable income is: Not over $9,325 Over $9,325 but not over $37,950 Over $37,950 but not over $91,900 Over $91,900 but not over $191,650 Over $191,650 but not over $416,700 Over $416,700 but not over $418,400 Over $418,400 The tax is: 10% of taxable income $932.50 + 15% of excess over $9,325 $5,226.25 + 25% of excess over $37,950 $18,713.75 + 28% of excess over $91,900 $46,643.75 + 33% of excess over $191,650 $120,910.25 + 35% of excess over $416,700 $121,505.25 + 39.6% of excess over $418,400Step by Step Solution
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