Question
This table shows the U.S. federal income tax rates from 2017. (Source: Internal Revenue Service) Rate Single Married Filing Jointly Married Filing Separately Head of
This table shows the U.S. federal income tax rates from 2017. (Source: Internal Revenue Service)
Rate | Single | Married Filing Jointly | Married Filing Separately | Head of Household |
10% | $0 - $9,325 | $0 - $18,650 | $0 - $9,325 | $0 - $13,350 |
15% | $9,325 - $37,950 | $18,650 - $75,900 | $9,325 - $37,950 | $13,350 - $50,800 |
25% | $37,950 - $91,900 | $75,900 - $153,100 | $37,950 - $76,550 | $50,800 - $131,200 |
28% | $91,900 - $191,650 | $153,100 - $233,350 | $76,550 - $116,675 | $131,200 - $212,500 |
33% | $191,650 - $416,700 | $233,350 - $416,700 | $116,675 - $208,350 | $212,500 - $416,700 |
35% | $416,700 - $418,400 | $416,700 - $470,700 | $208,350 - $235,350 | $416,700 - $444,550 |
39.6% | Over $418,400 | Over $470,700 | Over $235,350 | Over $444,550 |
Each row shows the tax rate on a specific portion of the taxpayer's taxable income given their filing status. For example, suppose a taxpayer has a filing status of Single and a taxable income of $40,000 This means that the taxpayer owes 10% tax on the first $9,325, 15% tax on the amount over $9,325 up to $37,950, and 25% on the amount over $37,950 up to $40,000.
|
Do not round any intermediate computations. Round your answer to the nearest dollar.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started