compute the tax
Chapter1: Federal Income Taxation—an Overview
Section: Chapter Questions
Problem 43P
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Question
use the marginal tax rates in the table below to compute the tax owed in the following situation.
Winona and Jim are married filing jointly, with a taxable income of $288,000. They are entitled to a $6000 tax credit.
Solve.
The tax owed is $. enter your response here.
|
Tax Rate
|
Married filing jointly |
|---|---|
|
10%
|
up to $18,650
|
|
15%
|
up to $75,900
|
|
25%
|
up to $153,100
|
|
28%
|
up to $233,350
|
|
33%
|
up to $416,700
|
|
35%
|
up to $470,700
|
|
39.6%
|
above $470,700
|
|
Standard deduction
|
$12,700
|
|
Exemption
(per person)
|
$4050
|
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