This table shows the U.S. federal income tax rates from 2014. (Source: Internal Revenue Service) Rate Single Married Filing Jointly Married FPiling Separately Head of Household 10% so-59,075 so-S18,150 $0-59,075 $0-S12.950 15% $9,075-$36,900 S18,150-S73,800 $9,075-$36,900 $12,950-$49,400 25% $36,900-S89,350 $73,800-S148,850 $36,900-$74,425 $49,400-$127.550 28% S89,350-$186,350 $148,850-$226,850 $74,425-S113,425 $127.550-$206,600 33% $186,350-$405,100 $226,850-$405,100 S113,425-$202,550 206,600-$405,100 35% $405,100-$406,750 $405,100-$457,600 S 202,550-$228,800 $405,100-5432.200 39.6% Over $406,750 Over $457,600 Over $228,800 Over $432,200 Each row shows the tax rate on a specific portion of the taxpayer's taxable income given their filing status. For example, suppose a taxpayer has a filing status of Single and a taxable income of $40,000. This means that the taxpayer owes 10% tax on the first $9,075, 15% tax on the amount over $9,075 up to $36,900, and 25% on the amount over $36,900 up to $40,000. If Abdul had a filing status of Married Filing Separately and a taxable income of $45,116 in the year 2014, how much did he owe for federal income tax? Do not round any intermediate computations. Round your answer to the nearest dollar.
This table shows the U.S. federal income tax rates from 2014. (Source: Internal Revenue Service) Rate Single Married Filing Jointly Married FPiling Separately Head of Household 10% so-59,075 so-S18,150 $0-59,075 $0-S12.950 15% $9,075-$36,900 S18,150-S73,800 $9,075-$36,900 $12,950-$49,400 25% $36,900-S89,350 $73,800-S148,850 $36,900-$74,425 $49,400-$127.550 28% S89,350-$186,350 $148,850-$226,850 $74,425-S113,425 $127.550-$206,600 33% $186,350-$405,100 $226,850-$405,100 S113,425-$202,550 206,600-$405,100 35% $405,100-$406,750 $405,100-$457,600 S 202,550-$228,800 $405,100-5432.200 39.6% Over $406,750 Over $457,600 Over $228,800 Over $432,200 Each row shows the tax rate on a specific portion of the taxpayer's taxable income given their filing status. For example, suppose a taxpayer has a filing status of Single and a taxable income of $40,000. This means that the taxpayer owes 10% tax on the first $9,075, 15% tax on the amount over $9,075 up to $36,900, and 25% on the amount over $36,900 up to $40,000. If Abdul had a filing status of Married Filing Separately and a taxable income of $45,116 in the year 2014, how much did he owe for federal income tax? Do not round any intermediate computations. Round your answer to the nearest dollar.
Fundamentals of Financial Management (MindTap Course List)
14th Edition
ISBN:9781285867977
Author:Eugene F. Brigham, Joel F. Houston
Publisher:Eugene F. Brigham, Joel F. Houston
Chapter3: Financial Statements, Cash Flow, And Taxes
Section: Chapter Questions
Problem 8P: PERSONAL TAXES Joe and Jane Keller are a married couple who file a joint income tax return, where...
Related questions
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, finance and related others by exploring similar questions and additional content below.Recommended textbooks for you
Fundamentals of Financial Management (MindTap Cou…
Finance
ISBN:
9781285867977
Author:
Eugene F. Brigham, Joel F. Houston
Publisher:
Cengage Learning
Fundamentals of Financial Management (MindTap Cou…
Finance
ISBN:
9781285867977
Author:
Eugene F. Brigham, Joel F. Houston
Publisher:
Cengage Learning
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT