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Use the 2016 marginal tax rates in the above table to calculate the federal tax owed by a single man with no dependents whose gross income, adjustments, deductions, and credits are given as follows: Gross income: $40,000 Adjustments: $1,000 Deductions: $3000: charitable contributions $1500: theft loss $300: a cost of tax preparation Tax credit: none Fill in the blank based on the above information. Adjusted gross income = Taxable Income = - ( + 6300) = Tax computation = (Round to the nearest cent) Income tax = (Round to the nearest cent)

Use the 2016 marginal tax rates in the above table to calculate the federal tax owed by a single man with no dependents whose gross income, adjustments, deductions, and credits are given as follows: Gross income: $40,000 Adjustments: $1,000 Deductions: $3000: charitable contributions $1500: theft loss $300: a cost of tax preparation Tax credit: none Fill in the blank based on the above information. Adjusted gross income = Taxable Income = - ( + 6300) = Tax computation = (Round to the nearest cent) Income tax = (Round to the nearest cent)

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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TABLE 8.1 2016 Marginal Tax Rates, Standard Deductions, and Exemptions Uamamied. divereed, or legally separated Married and berh partrer Rile single tar reture Married and sach parteer files a separate tar return Unmarried and paying mere than half the cest of supporting a child or parent Married Filing Separately Married Head of Тах Rate Single Filing Jointly Household up to $9275 up to $18,550 up to $13.250 10% up to $9275 15% $9276 to $37,650 $9276 to $37,650 S18.551 to $75,300 $13,251 to $50,400 25% $37,651 to $91,150 S37,651 to $75,950 $75,301 to $151,900 $50,401 to $130,150 $151,901 to $231,450 $130,151 to $210,800 $231,451 to $413,350 $210,801 to $413,350 $413,351 to $466,950 $413,351 to $441,000 28% $91,151 to $190,150 S75,951 to $115,725 33% $190,151 to $413.350 S115,726 to $206,675 35% $413,351 to $415,050 $206,676 to $233.475 39.6% more than $415,050 more than $233,475 more than S466.950 more than $441,000 Standard Deduction $6300 $6300 $12,600 $9300 Exemptions (рer person) $4050 S4050 $4050 $4050 Use the 2016 marginal tax rates in the above table to calculate the federal tax owed by a single man with no dependents whose gross income, adjustments, deductions, and credits are given as follows: Gross income: $40,000 Adjustments: $1,000 Deductions: $3000: charitable contributions $1500: theft loss $300: a cost of tax preparation Tax credit: none Fill in the blank based on the above information. Adjusted gross income = Taxable Income = |-( + 6300) = Tax computation = (Round to the nearest cent) Income tax = (Round to the nearest cent)
Transcribed Image Text:TABLE 8.1 2016 Marginal Tax Rates, Standard Deductions, and Exemptions Uamamied. divereed, or legally separated Married and berh partrer Rile single tar reture Married and sach parteer files a separate tar return Unmarried and paying mere than half the cest of supporting a child or parent Married Filing Separately Married Head of Тах Rate Single Filing Jointly Household up to $9275 up to $18,550 up to $13.250 10% up to $9275 15% $9276 to $37,650 $9276 to $37,650 S18.551 to $75,300 $13,251 to $50,400 25% $37,651 to $91,150 S37,651 to $75,950 $75,301 to $151,900 $50,401 to $130,150 $151,901 to $231,450 $130,151 to $210,800 $231,451 to $413,350 $210,801 to $413,350 $413,351 to $466,950 $413,351 to $441,000 28% $91,151 to $190,150 S75,951 to $115,725 33% $190,151 to $413.350 S115,726 to $206,675 35% $413,351 to $415,050 $206,676 to $233.475 39.6% more than $415,050 more than $233,475 more than S466.950 more than $441,000 Standard Deduction $6300 $6300 $12,600 $9300 Exemptions (рer person) $4050 S4050 $4050 $4050 Use the 2016 marginal tax rates in the above table to calculate the federal tax owed by a single man with no dependents whose gross income, adjustments, deductions, and credits are given as follows: Gross income: $40,000 Adjustments: $1,000 Deductions: $3000: charitable contributions $1500: theft loss $300: a cost of tax preparation Tax credit: none Fill in the blank based on the above information. Adjusted gross income = Taxable Income = |-( + 6300) = Tax computation = (Round to the nearest cent) Income tax = (Round to the nearest cent)
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