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.

 

 

image

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 single woman with a taxable income of $13,000 and a $3000 tax credit iClick the icon to view the 2012 marginal tax rates. The tax owed is dollars. (Round to the nearest dollar as needed.) 2012 Marginal Tax Rates 2012 Marginal Tax Rates, Standard Deductions, and Exemptions Unmarried, divorced, or legally separated Married and each partner files a separate tax return Single up to $8700 $8701 to $35,350 $35,351 to $85,650 $85,651 to $178,650 $178,651 to $388,350 more than $388,350 Tax Rate 10% 15% 25% 28% 33% 35% Standard $5950 Deduction Exemptions $3800 (per person) Married and both partners file a single tax return Married Filing Separately Married Filing Jointly up to $8700 $8701 to $35,350 $35,351 to $71,350 $71,351 to $108,725 $108,726 to $194,175 more than $194,175 $5950 $3800 up to $17,400 $17,401 to $70,700 $70,701 to $142,700 $142,701 to $217,450 $217,451 to $388,350 more than $388,350 $11,900 $3800 Unmarried and paying more than half the cost of supporting a child or parent Head of Household up to $12,400 $12,401 to $47,350 $47,351 to $122,300 $122,301 to $198,050 $198,051 to $388,350 more than $388,350 $8700 $3800 Print Done

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

Step: 3

blur-text-image

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

Income Tax Fundamentals 2013

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

31st Edition

1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516

More Books

Students also viewed these Mathematics questions

Question

13. Give two reasons for the efficiency of vector processors.

Answered: 1 week ago

Question

What are some common obstacles to listening? AppendixLO1

Answered: 1 week ago

Question

What are three types of business communication? AppendixLO1

Answered: 1 week ago