Use the 2016 marginal tax rates to compute the tax owed by a married man filing separately with a taxable income of $143,000.
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Use the 2016 marginal tax rates to compute the tax owed by a married man filing separately with a taxable income of $143,000.
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- Use the 2016 marginal tax rates to compute the income tax owed by the following person. Unmarried head of household with two dependent children. Gross income: $71,000 Adjustments: none Deductions: $3392 state taxes $2000 theft loss Tax credit: $3000 Click the icon to view the 2016 marginal tax rates. The income tax owed is $ (Type an integer or a decimal. Round to the nearest cent as needed.)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…Chapter 3 Activity – Taxes Individual Income Tax Brackets (2021) Marginal Tax Rate Single, taxable income over: Joint, taxable income over: Head of Household, taxable income over: 10% $0 $0 $0 12% $9,950 $19,900 $14,200 22% $40,525 $81,050 $54,200 24% $86,375 $172,750 $86,350 32% $164,925 $329,850 $164,900 35% $209,425 $418,850 $209,400 37% $523,600 $628,300 $523,600 Standard Deduction Amounts (2021) Filing Status Deduction Amount Single $12,550 Married Filing Jointly $25,100 Head of Household $18,800 Long-term Capital Gains & Qualified Dividends (2021) Tax Rate Single Joint Head of Household 0% Under $40,000 Under $80,800 Under $54,100 15% $40,400 $80,800 $54,100 20% $445,850 $501,600 $473,750 Additional 3.8% Net Investment Income Tax for MAGI over $200,000 / $250,000 / $200,000 Calculate the federal income…
- TABLE 8.1 2016 Marginal Tax Rates, Standard Deductions, and Exemptions Uamamied. divereed, or legally separated Married and berh partrer Rile single tar reture Married and sach parteer files a separate tar return Unmarried and paying mere than half the cest of supporting a child or parent Married Filing Separately Married Head of Тах Rate Single Filing Jointly Household up to $9275 up to $18,550 up to $13.250 10% up to $9275 15% $9276 to $37,650 $9276 to $37,650 S18.551 to $75,300 $13,251 to $50,400 25% $37,651 to $91,150 S37,651 to $75,950 $75,301 to $151,900 $50,401 to $130,150 $151,901 to $231,450 $130,151 to $210,800 $231,451 to $413,350 $210,801 to $413,350 $413,351 to $466,950 $413,351 to $441,000 28% $91,151 to $190,150 S75,951 to $115,725 33% $190,151 to $413.350 S115,726 to $206,675 35% $413,351 to $415,050 $206,676 to $233.475 39.6% more than $415,050 more than $233,475 more than S466.950 more than $441,000 Standard Deduction $6300 $6300 $12,600 $9300 Exemptions (рer person)…Use the 2016 marginal tax rates to compute the income tax owed by the following person. Single male, no dependents. Gross income:$87,000 Adjustments: $4000 Deductions: $31,000 mortgage interest $4664 property taxes $4000 charitable contributions Tax credit:none Click the icon to view the 2016 marginal tax rates. …… The income tax owed is $ (Type an integer or a decimal. Round to the nearest cent as needed.)2017 Individual Tax Rates Single Individuals If Your Taxable Income Is You Pay ThisAmount on theBase of the Bracket Plus This Percentageon the Excess over theBase (Marginal Rate) Average TaxRate atTop of Bracket Up to $9,325 $0 10.0% 10.0% $9,325 - $37,950 932.50 15.0 13.8 $37,950 - $91,900 5,226.25 25.0 20.4 $91,900 - $191,650 18,713.75 28.0 24.3 $191,650 - $416,700 46,643.75 33.0 29.0 $416,700 - $418,400 120,910.25 35.0 29.0 Over $418,400 121,505.25 39.6 39.6 Standard deduction for individual: $6,350 Married Couples Filing Joint Returns If Your Taxable Income Is You Pay ThisAmount on theBase of the Bracket Plus This Percentageon the Excess over theBase (Marginal Rate) Average TaxRate atTop of Bracket Up to $18,650 $0 10.0% 10.0% $18,650 - $75,900 1,865.00 15.0 13.8 $75,900 - $153,100 10,452.50 25.0 19.4 $153,100 - $233,350 29,752.50 28.0 22.4 $233,350 - $416,700 52,222.50 33.0 27.1 $416,700 - $470,700 112,728.00 35.0 28.0 Over $470,700…
- TABLE 2.3Personal tax rates for 2021 (Unmarried Individuals) Taxable Income Tax Rate $ 0–9,950 10% 9,950–40,525 12 40,525–86,375 22 86,375–164,925 24 164,925–209,425 32 209,425–523,600 35 523,600+ 37 Duela Dent is single and had $187,200 in taxable income. Using the rates from Table 2.3, calculate her income taxes. What is the average tax rate? What is the marginal tax rate? Note: Do not round intermediate calculations and round your income tax answer to 2 decimal places, e.g., 32.16. Enter the average and marginal tax rate answers as a percent, rounded 2 decimal places, e.g., 32.16.Use the 2016 marginal tax rates to compute the tax owed by the following couple. A married couple filing jointly with a taxable income of $317,000 and a $8000 tax credit i Click the icon to view the 2016 marginal tax rates. The tax owed is $ (Type an integer or a decimal. Round to the nearest cent as needed.)Table 1.4 Use the following tax rates and income brackets to answer the following question(s). Tax Rate Individual Returns 10% $0 to $8,350 15% $8,351 to $33,950 $33,951 to $82,250 $82,251 to $171,550 $171,551 to $372,950 Over $372,951 25% 28% 33% 35% Joint Returns $0 to $16,700 $16,701 to $67,900 $67,901 to $137,050 $137,051 to $208,850 $208,851 to $372,950 $16,750 $18,836 $22,425 $25,116 Over $372,951 Josh earned $89,700 in taxable income and files an individual tax return. What is the amount of Josh's taxes for the year?
- TABLE 4.9 Tax Rate** 10% 15% 25% 28% 33% 35% 39.6% Standard deduction Exemption (per person) 2017 Marginal Tax Rates, Standard Deductions, and Exemptions* Single up to $9325 up to $37,950 up to $91,900 up to $191,650 up to $416,700 up to $418,400 above $418,400 $6350 $4050 Married Filing Jointly up to $18,650 up to $75,900 up to $153,100 up to $233,350 up to $416,700 up to $470,700 above $470,700 $12,700 $4050 Married Filing Separately up to $9325 up to $37,950 up to $76,550 up to $116,675 up to $208,350 up to $235,350 above $235,350 $6350 $4050 Head of Household up to $13,350 up to $50,800 up to $131,200 up to $212,500 up to $416,700 up to $444,550 above $444,550 $9350 $4050 *This table ignores (i) exemption and deduction phase-outs that apply to high-income taxpayers; (ii) the alterna- tive minimum tax (AMT) that affects many middle- and high-income taxpayers; (iii) potential changes in tax law made after this text was printed that may have changed the values given in this table for…Return to question Given the following tax structure: Salary $ 40,500 Taxpayer Total Tax $ 2,349 Pedro 000 ES $ a. What is the minimum tax that Pedro should pay to make the tax structure vertically equitable with respect to the amount of tax paid? X Answer is complete but not entirely correct. $3,074 b. This would result in what type of tax rate structure? Answer is complete and correct. Tax rate structure Regressive 5:03 AM x> ツ 10/26/2021 61°F to search N4Tax Rate For Single Filers 10% $0 to $10,275 12% $10,275 to $41,775 22% $41,775 to $89,075 24% $89,075 to $170,050 32% $170,050 to $215,950 35% $215,950 to $539,900 Assuming you have a personal income of $99,270: what is your total tax liability? What is your average tax rate?