Use the 2016 marginal tax rates to compute the income tax owed by the following person. Single male, no dependents. Gross income:$87,000 Adjustments:$4000 Deductions:$29,000 mortgage interest $4009 property taxes $1000 charitable contributions Tax credit:none 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.)
Use the 2016 marginal tax rates to compute the income tax owed by the following person. Single male, no dependents. Gross income:$87,000 Adjustments:$4000 Deductions:$29,000 mortgage interest $4009 property taxes $1000 charitable contributions Tax credit:none 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.)
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
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 2FPE: Estimating taxable income, tax liability, and potential refund. Arabella Cunningham is 24 years old...
Related questions
Question
Transcribed Image Text:2016 Marginal Tax Rates
Tax Rate
10%
15%
25%
28%
33%
35%
39.6%
2016 Marginal Tax Rates, Standard Deductions, and Exemptions
Married and each partner
files a separate tax return
Married and both
partners file a single
tax return
Married Filing Separately
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
Married Filing Jointly
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, divorced,
or legally separated
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
Standard
Deduction
Exemptions (per $4050
person)
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
- X
Transcribed Image Text:Use the 2016 marginal tax rates to compute the income tax owed by the following person.
Single male, no dependents.
Gross income:$87,000
Adjustments: $4000
Deductions:$29,000 mortgage interest
$4009 property taxes
$1000 charitable contributions
Tax credit:none
i 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.)
HE
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Pfin (with Mindtap, 1 Term Printed Access Card) (…
Finance
ISBN:
9780357033609
Author:
Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:
Cengage Learning
Pfin (with Mindtap, 1 Term Printed Access Card) (…
Finance
ISBN:
9780357033609
Author:
Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:
Cengage Learning