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Solve the questions by using these tables If Your Taxable Income Is Up to $9,525 $9,525 $38,700 $38,700 $82,500 $82,500 $157,500 $157,500 $200,000 $200,000 -
Solve the questions by using these tables
If Your Taxable Income Is Up to $9,525 $9,525 $38,700 $38,700 $82,500 $82,500 $157,500 $157,500 $200,000 $200,000 - $500,000 Over $500,000 If Your Taxable Income Is Up to $19,050 $19,050 - $77,400 $77,400 $165,000 $165,000 - $315,000 $315,000 $400,000 $400,000 $600,000 Over $600,000 You Pay This Amount on the Base of the Bracket Standard deduction for individual: $12,000 - $0 952.50 4,453.50 14,089.50 32,089.50 45,689.50 150,689.50 Plus This Percentage on the Excess over the Base (Marginal Rate) 10.0% 12.0 22.0 24.0 32.0 35.0 37.0 Married Couples Filing Joint Returns You Pay This Plus This Percentage on the Excess over the Amount on the Base of the Bracket Base (Marginal Rate) 10.0% 12.0 22.0 24.0 32.0 35.0 37.0 $0 1,905.00 8,907.00 28,179.00 64,179.00 91,379.00 161,379.00 Average Tax Rate at Top of Bracket 10.0% 11.5 17.1 20.4 22.8 30.1 37.0 Average Tax Rate at Top of Bracket 10.0% 11.5 17.1 20.4 22.8 26.9 37.0 Standard deduction for married couples filing jointly: $24,000 Quantitative Problem: Jenna is a single taxpayer. During 2018, she earned wages of $137,000. She doesn't itemize deductions, so she will take the standard deduction to calculate 2018 taxable income. In addition, during the year she sold common stock that she had owned for five years for a net profit of $6,600. How much does Jenna owe to the IRS for taxes? Do not round intermediate calculations. Round your answer to the nearest cent.
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