Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

What is the tax owed? Score: 0 of 1 pt 10 of 12 (8 complete) HW 3.2.9 Use the 2016 marginal tax rates to compute

What is the tax owed?

image text in transcribed
Score: 0 of 1 pt 10 of 12 (8 complete) HW 3.2.9 Use the 2016 marginal tax rates to compute the tax owed by the following person. A single woman with a taxable income of $12,000 and a $2000 tax credit i Click the icon to view the 2016 marginal tax rates. The tax owed is dollars. 2016 Marginal Tax Rates (Type an integer or a decimal. Round to the nearest cent as needed.) 2016 Marginal Tax Rates, Standard Deductions, and Exemptions Unmarried, divorced, Married and each partner Married and both Unmarried and paying or legally separated files a separate tax return partners file a single more than half the cost tax return 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 $6300 $6300 $12,600 $9300 Deduction Exemptions $4050 $4050 $4050 $4050 (per person) Enter your answer in the answer box and then click Check

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_2

Step: 3

blur-text-image_3

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 Accounting

Authors: Carl Warren

13th Edition

1133607616, 978-1133607618

More Books

Students also viewed these Accounting questions