The 2015 tax table provided by the IRS is to be used when taxable income is below $100,000. If taxable income exceeds $100,000, then the marginal tax rates are used to calculate the tax owed. Filing Status Tax Rate 10% 15% 25% 28% 33% 35% 39.6% Single 2015 Marginal Tax Rates Married Married Filing Jointly Filing Separately Income Brackets 0-9,225 Head of Household 0-9,225 0-18,450 0-13,150 9,226-37,450 18,451-74,900 9,226-37,450 13,151-50,200 37,451-90,750 74,901-151,200 37,451-75,600 50,201-129,600 129,601-209,850 90,751-189,300 151,201-230,450 75,601-115,225 189,301-411,500 230,451-411,500 115,226-205,750 209,851-411,500 411,501-413,200 411,501-44,850 205,751-232,425 411,501-439,000 413,201+ 464,851+ 439,001+ 232,426+ Use the marginal tax rates to find the income tax for a taxpayer with taxable income of $888,650 filing as head of household. Use the marginal tax rates to find the income tax for a taxpayer with taxable income of $567,840 filing as married filing separately.
The 2015 tax table provided by the IRS is to be used when taxable income is below $100,000. If taxable income exceeds $100,000, then the marginal tax rates are used to calculate the tax owed. Filing Status Tax Rate 10% 15% 25% 28% 33% 35% 39.6% Single 2015 Marginal Tax Rates Married Married Filing Jointly Filing Separately Income Brackets 0-9,225 Head of Household 0-9,225 0-18,450 0-13,150 9,226-37,450 18,451-74,900 9,226-37,450 13,151-50,200 37,451-90,750 74,901-151,200 37,451-75,600 50,201-129,600 129,601-209,850 90,751-189,300 151,201-230,450 75,601-115,225 189,301-411,500 230,451-411,500 115,226-205,750 209,851-411,500 411,501-413,200 411,501-44,850 205,751-232,425 411,501-439,000 413,201+ 464,851+ 439,001+ 232,426+ Use the marginal tax rates to find the income tax for a taxpayer with taxable income of $888,650 filing as head of household. Use the marginal tax rates to find the income tax for a taxpayer with taxable income of $567,840 filing as married filing separately.
Chapter1: Federal Income Taxation—an Overview
Section: Chapter Questions
Problem 43P
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Transcribed Image Text:The 2015 tax table provided by the IRS is to be used when taxable income is below $100,000. If taxable
income exceeds $100,000, then the marginal tax rates are used to calculate the tax owed.
Filing Status
Tax Rate
10%
15%
25%
28%
33%
35%
39.6%
Single
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2015 Marginal Tax Rates
Married
413,201+
Married
Filing Jointly Filing Separately
Income Brackets
0-9,225
0-9,225
0-18,450
9,226-37,450
18,451-74,900 9,226-37,450
37,451-90,750 74,901-151,200 37,451-75,600
90,751-189,300 151,201-230,450 75,601-115,225
189,301-411,500 230,451-411,500 115,226-205,750
411,501-413,200 411,501-44,850 205,751-232,425
464,851+
232,426+
Head of
Household
0-13,150
13,151-50,200
50,201-129,600
129,601-209,850
209,851-411,500
411,501-439,000
439,001+
Use the marginal tax rates to find the income tax for a taxpayer with taxable income of $888,650 filing as
head of household.
Use the marginal tax rates to find the income tax for a taxpayer with taxable income of $567,840 filing as
married filing separately.
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