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Use the 2012 marginal tax rates to compute the tax owed by the following person. a single male no independents. Gross income: $98,000 Deductions: $35,000

Use the 2012 marginal tax rates to compute the tax owed by the following person.

a single male no independents.

Gross income: $98,000 Deductions: $35,000 (mortgage interest), $4,209 (property taxes), $2,000 (charitable contributions).

Adjustments: $2,000 Tax credit: None

Unmarried, divorced, or legally separated

Married and each partner files a separate tax return

Married and both partners file a single tax return

Unmarried and paying more than half the cost 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 Deduction

$5950

$5950

$11,900

$8700

Exemptions (per person)

$3800

$3800

$3800

$3800

The income tax owed is $?

Move the top 4 cells to the right to better understand the chart

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