Homework Help is Here – Start Your Trial Now!
Business
Accounting
Use the 2016 marginal tax rates to compute the tax owed by a head of household with a taxable income of $78,000 and a $6000 tax credit.

Use the 2016 marginal tax rates to compute the tax owed by a head of household with a taxable income of $78,000 and a $6000 tax credit.

Personal Finance
Personal Finance
13th Edition
ISBN:9781337669214
Author:GARMAN
Publisher:GARMAN
Chapter4: Managing Income Taxes
Section: Chapter Questions
Problem 3DTM
See similar textbooks
icon
Related questions
Question
100%

Use the 2016 marginal tax rates to compute the tax owed by a head of household with a taxable income of $78,000 and a $6000 tax credit.

1: 2016 Marginal Tax Rates Tax Rate 10% 15% <-25% 28% 33% 35% 39.6% Standard Deduction 2016 Marginal Tax Rates, Standard Deductions, and Exemptions Married and each partner files a separate tax return Unmarried, divorced, or legally separated Exemptions (per $4050 person) Single up to $9275 $9276 to $37,650 $37,651 to $91,150 $91,151 to $190,150 $190,151 to $413,350 $413,351 to $415,050 more than $415,050 $6300 Married and both partners file a single tax return Married Filing Separately Married Filing Jointly up to $9275- $9276 to $37,650- $37,651 to $75,950 $75,951 to $115,725 $115,726 to $206,675 $206,676 to $233,475 more than $233,475 $6300 up to $18,550 $18,551 to $75,300 $75,301 to $151,900 $151,901 to $231,450 $231,451 to $413,350 $413,351 to $466,950 more than $466,950 $12,600 $4050 $4050 Unmarried and paying more than half the cost of supporting a child or parent Head of Household up to $13,250 $13,251 to $50,400 $50,401 to $130,150 $130,151 to $210,800 $210,801 to $413,350 $413,351 to $441,000 more than $441,000 $9300 $4050
Transcribed Image Text:1: 2016 Marginal Tax Rates Tax Rate 10% 15% <-25% 28% 33% 35% 39.6% Standard Deduction 2016 Marginal Tax Rates, Standard Deductions, and Exemptions Married and each partner files a separate tax return Unmarried, divorced, or legally separated Exemptions (per $4050 person) Single up to $9275 $9276 to $37,650 $37,651 to $91,150 $91,151 to $190,150 $190,151 to $413,350 $413,351 to $415,050 more than $415,050 $6300 Married and both partners file a single tax return Married Filing Separately Married Filing Jointly up to $9275- $9276 to $37,650- $37,651 to $75,950 $75,951 to $115,725 $115,726 to $206,675 $206,676 to $233,475 more than $233,475 $6300 up to $18,550 $18,551 to $75,300 $75,301 to $151,900 $151,901 to $231,450 $231,451 to $413,350 $413,351 to $466,950 more than $466,950 $12,600 $4050 $4050 Unmarried and paying more than half the cost of supporting a child or parent Head of Household up to $13,250 $13,251 to $50,400 $50,401 to $130,150 $130,151 to $210,800 $210,801 to $413,350 $413,351 to $441,000 more than $441,000 $9300 $4050
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Determination of Tax Liability
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Personal Finance
Personal Finance
Finance
ISBN:
9781337669214
Author:
GARMAN
Publisher:
Cengage
CONCEPTS IN FED.TAX., 2020-W/ACCESS
CONCEPTS IN FED.TAX., 2020-W/ACCESS
Accounting
ISBN:
9780357110362
Author:
Murphy
Publisher:
CENGAGE L
Pfin (with Mindtap, 1 Term Printed Access Card) (…
Pfin (with Mindtap, 1 Term Printed Access Card) (…
Finance
ISBN:
9780357033609
Author:
Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:
Cengage Learning
PFIN (with PFIN Online, 1 term (6 months) Printed…
PFIN (with PFIN Online, 1 term (6 months) Printed…
Finance
ISBN:
9781337117005
Author:
Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS