Answered step by step
Verified Expert Solution
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.
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
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