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J16 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 i Click the icon to view the 2016 marginal tax rates.

J16 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 i Click the icon to view the 2016 marginal tax rates.

PFIN (with PFIN Online, 1 term (6 months) Printed Access Card) (New, Engaging Titles from 4LTR Press)
PFIN (with PFIN Online, 1 term (6 months) Printed Access Card) (New, Engaging Titles from 4LTR Press)
6th Edition
ISBN:9781337117005
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter3: Preparing Your Taxes
Section: Chapter Questions
Problem 1FPE: Calculating marginal tax rates. Piper Wells is single and received the items and amounts of income...
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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.)
Transcribed Image Text: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.)
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
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