Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Use the 2012 marginal tax rates to compute the tax owed by the following person. Round taxable income to the nearest dollar as needed. A

image text in transcribedUse the 2012 marginal tax rates to compute the tax owed by the following person. Round taxable income to the nearest dollar as needed. A single woman with a taxable income of $78000

The tax owed is

2012 Marginal Tax Rates, Standard Deductions, and Exemptions Unmarried, divorced, Married and each partner Married and both Unmarried and paying or legally separated files a separate tax return partners file a single more than half the cost tax return of supporting a child or parent Tax Rate Single Married Filing Separately Married Filing Jointly Head of Household 10% up to $8700 up to $8700 up to $17,400 up to $12,400 15% $8701 to $35,350 $8701 to $35,350 $17,401 to $70,700 $12,401 to $47,350 25% $35,351 to $85,650 $35,351 to $71,350 $70,701 to $142,700 $47,351 to $122,300 28% $85,651 to $178,650 $71,351 to $108,725 $142,701 to $217,450 $122,301 to $198,050 33% $178,651 to $388,350 $108,726 to $194,175 $217,451 to $388,350 $198,051 to $388,350 35% more than $388,350 more than $194,175 more than $388,350 more than $388,350 Standard $5950 $5950 $11,900 $8700 Deduction Exemptions $3800 $3800 $3800 $3800 (per person)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Reform In Transition And Developing Economies

Authors: Robert W. McGee

1st Edition

0387257071, 9780387257075

More Books

Students also viewed these Accounting questions

Question

6. How can a message directly influence the interpreter?

Answered: 1 week ago