Question
Use the 2016 marginal tax rates to compute the tax owed by the following person. A single man with a taxable income of $13,000 and
Use the
2016
marginal tax rates to compute the tax owed by the following person.
A single
man
with a taxable income of
$13,000
and a
$2000
tax credit
Marginal Tax Rates, Standard Deductions, and Exemptions | ||||
---|---|---|---|---|
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 $9275 | up to $9275 | up to $18,550 | up to $13,250 |
15% | $9276 to $37,650 | $9276 to $37,650 | $18,551 to $75,300 | $13,251 to $50,400 |
25% | $37,651 to $91,150 | $37,651 to $75,950 | $75,301 to $151,900 | $50,401 to $130,150 |
28% | $91,151 to $190,150 | $75,951 to $115,725 | $151,901 to $231,450 | $130,151 to $210,800 |
33% | $190,151 to $413,350 | $115,726 to $206,675 | $231,451 to $413,350 | $210,801 to $413,350 |
35% | $413,351 to $415,050 | $206,676 to $233,475 | $413,351 to $466,950 | $413,351 to $441,000 |
39.6% | more than $415,050 | more than $233,475 | more than $466,950 | more than $441,000 |
Standard Deduction | $6300 | $6300 | $12,600 | $9300 |
Exemptions (per person) | $4050 | $4050 | $4050 | $4050 |
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