Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Use the 2021 marginal tax rates in the table to compute the tax owed by the person with the given filing status and taxable

image text in transcribed

Use the 2021 marginal tax rates in the table to compute the tax owed by the person with the given filing status and taxable income. single with a taxable income of $45,000 Click the icon to view the 2021 marginal tax rates. The tax owed is $ 5648.50. (Type an integer or a decimal. Round to the nearest cent as needed.) 2021 Marginal Tax Rates Unmarried, divorced, or legally separated $9951 to $40,525 2021 Marginal Tax Rates and Standard Deductions Tax Rate Single 10% up to $9950 12% 22% $40,526 to $ $86,375 24% $86,376 to $164,925 32% 35% an exa 37% $164,926 to $209,425 $209,426 to $523,600 more than $523,600 Married and each partner files a separate tax return Married Filing Separately up to $9950 $9951 to $40,525 $40,526 to $86,375 $86,376 to $164,925 $164,926 to $209,425 $209,426 to $314,150 more than $314,150 Married and both partners file a single tax return Married Filing Jointly up to $19,900 $19,901 to $81,050 $81,051 to $172,750 $172,751 to $329,850 $329,851 to $418,850 $418,851 to $628,300 more than $628,300 Unmarried and paying more than half the cost of supporting a child or parent Head of Household up to $14,200 $14,201 to $54,200 $54,201 to $86,350 $86,351 to $164,900 $164,901 to $209,400 $209,401 to $523,600 more than $523,600 Standard

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

Financial Algebra advanced algebra with financial applications

Authors: Robert K. Gerver

1st edition

978-1285444857, 128544485X, 978-0357229101, 035722910X, 978-0538449670

More Books

Students also viewed these Accounting questions

Question

How might those words apply to what you have learned?

Answered: 1 week ago