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Use the 2016 marginal tax rates in the above table to calculate the federal tax owed by a single man with no dependents whose gross income, adjustments, deductions, and credits are given as follows: Gross income: $75,000 Adjustments: $4,000 Deductions: $28,000: mortgage interest

Use the 2016 marginal tax rates in the above table to calculate the federal tax owed by a single man with no dependents whose gross income, adjustments, deductions, and credits are given as follows: Gross income: $75,000 Adjustments: $4,000 Deductions: $28,000: mortgage interest

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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TABLE 8.1 2016 Marginal Tax Rates, Standard Deductions, and Exemptions Uemaried, direrced, or legally separated Married snd sk parteer Ales Married and ber partres fle single tar etere Usnarried and paying mare than half the cest l seppertinga hil ar pareet pate tar rete Married Filing Separately Married Head of Tax Rate Single Filing Jointly Household 10% up to $9275 up to $9275 up to $18,550 up to $13,250 $18,551 to $75,300 $13,251 to $50,400 $50,401 to $130,150 15% $9276 to $37,650 $9276 to $37,650 25% $37,651 to $91,1I50 S37,651 to $75,950 $75,301 to $151.900 28% $91,151 to $190,150 $75,951 to $115,725 $151,901 to $231,450 $130,151 to $210,S00 33% $190,151 to $413,350 S115,726 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 S441.000 Standard Deduction $6300 $6300 $12,600 $9300 Exemptions (рer person) $4050 $4050 $4050 $4050 Use the 2016 marginal tax rates in the above table to calculate the federal tax owed by a single man with no dependents whose gross income, adjustments, deductions, and credits are given as follows: Gross income: $75,000 Adjustments: $4,000 Deductions: $28,000: mortgage interest $4200: property taxes $3000: charitable contributions Tax credit: $1000 Fill in the blank based on the above information. Adjusted gross income = Total Itemize Deduction = Taxable Income = - ( + 4050) = (Note: Here we use itemize deduction) Tax computation = (Round to the nearest cent) Income tax = (Round to the nearest cent)
Transcribed Image Text:TABLE 8.1 2016 Marginal Tax Rates, Standard Deductions, and Exemptions Uemaried, direrced, or legally separated Married snd sk parteer Ales Married and ber partres fle single tar etere Usnarried and paying mare than half the cest l seppertinga hil ar pareet pate tar rete Married Filing Separately Married Head of Tax Rate Single Filing Jointly Household 10% up to $9275 up to $9275 up to $18,550 up to $13,250 $18,551 to $75,300 $13,251 to $50,400 $50,401 to $130,150 15% $9276 to $37,650 $9276 to $37,650 25% $37,651 to $91,1I50 S37,651 to $75,950 $75,301 to $151.900 28% $91,151 to $190,150 $75,951 to $115,725 $151,901 to $231,450 $130,151 to $210,S00 33% $190,151 to $413,350 S115,726 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 S441.000 Standard Deduction $6300 $6300 $12,600 $9300 Exemptions (рer person) $4050 $4050 $4050 $4050 Use the 2016 marginal tax rates in the above table to calculate the federal tax owed by a single man with no dependents whose gross income, adjustments, deductions, and credits are given as follows: Gross income: $75,000 Adjustments: $4,000 Deductions: $28,000: mortgage interest $4200: property taxes $3000: charitable contributions Tax credit: $1000 Fill in the blank based on the above information. Adjusted gross income = Total Itemize Deduction = Taxable Income = - ( + 4050) = (Note: Here we use itemize deduction) Tax computation = (Round to the nearest cent) Income tax = (Round to the nearest cent)
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