This table shows the U.S. federal income tax rates from 2017. (Source: Internal Revenue Service) Married Filing Jointly Married Filing Separately Head of Household $0-$18,650 $0-$9,325 $0-$13,350 15% $9,325-$37,950 $18,650-$75,900 $9,325-$37,950 $13,350-$50,800 25% $37,950-$91,900 $75,900-$153,100 $37,950-$76,550 $50,800-$131,200 28% $91,900-$191,650 $153,100-$233,350 $76,550-$116,675 $131,200-$212,500 33% $191,650-$416,700 $233,350-$416,700 $116,675-$208,350 $212,500-$416,700 35% $416,700-$418,400 $416,700-$470,700 $208,350-$235,350 $416,700-$444,550 39.6% Over $418,400 Over $470,700 Over $235,350 Over $444,550 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 $9,325, 15% tax on the amount over $9,325 up to $37,950, and 25% on the amount over $37,950 up to $40,000. Rate 10% Single $0-$9,325 If Kareem and Linda had a filing status of Married Filing Jointly and together have a taxable income of $96,229 in the year 2017, how much did the couple owe for federal income tax? Do not round any intermediate computations. Round your answer to the nearest dollar. X S
This table shows the U.S. federal income tax rates from 2017. (Source: Internal Revenue Service) Married Filing Jointly Married Filing Separately Head of Household $0-$18,650 $0-$9,325 $0-$13,350 15% $9,325-$37,950 $18,650-$75,900 $9,325-$37,950 $13,350-$50,800 25% $37,950-$91,900 $75,900-$153,100 $37,950-$76,550 $50,800-$131,200 28% $91,900-$191,650 $153,100-$233,350 $76,550-$116,675 $131,200-$212,500 33% $191,650-$416,700 $233,350-$416,700 $116,675-$208,350 $212,500-$416,700 35% $416,700-$418,400 $416,700-$470,700 $208,350-$235,350 $416,700-$444,550 39.6% Over $418,400 Over $470,700 Over $235,350 Over $444,550 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 $9,325, 15% tax on the amount over $9,325 up to $37,950, and 25% on the amount over $37,950 up to $40,000. Rate 10% Single $0-$9,325 If Kareem and Linda had a filing status of Married Filing Jointly and together have a taxable income of $96,229 in the year 2017, how much did the couple owe for federal income tax? Do not round any intermediate computations. Round your answer to the nearest dollar. X S
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
Answer math question
Transcribed Image Text:Calculatin
This table shows the U.S. federal income tax rates from 2017. (Source: Internal Revenue Service)
Married Filing Jointly Married Filing Separately Head of Household
$0-$18,650
$0-$9,325
$0-$13,350
15% $9,325-$37,950
$18,650-$75,900
$9,325-$37,950
$13,350-$50,800
25% $37,950-$91,900 $75,900-$153,100 $37,950-$76,550
$50,800-$131,200
28% $91,900-$191,650 $153,100-$233,350
$76,550-$116,675
$131,200-$212,500
33% $191,650-$416,700 $233,350-$416,700 $116,675-$208,350 $212,500-$416,700
35% $416,700-$418,400 $416,700-$470,700
$208,350-$235,350
$416,700-$444,550
39.6% Over $418,400
Over $470,700
Over $235,350
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 $9,325, 15% tax on the amount over $9,325 up to
$37,950, and 25% on the amount over $37,950 up to $40,000.
Rate
10%
Explanation
Single
$0-$9,325
If Kareem and Linda had a filing status of Married Filing Jointly and together have a taxable
income of $96,229 in the year 2017, how much did the couple owe for federal income tax?
Do not round any intermediate computations. Round your answer to the nearest dollar.
2
Check
3
Q
%
5
(0)
Over $444,550
6
MacBook Pro
&
7
X
8
4+
3
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