2016 marginal tax rates2016 Marginal Tax Rates, Standard Deductions, and ExemptionsUnmarried and payingor legally separated files a separate tax return partners file a single more than half the costof supporting a childor parentUnmarried, divorced, Married and each partnerMarried and bothtax returnTax RateSingleMarried Filing Separately Married Filing JointlyHead of Household10%up to $9275up to $9275up to $18,550up to $13,25015%$9276 to $37,650$9276 to $37,650$18,551 to $75,300$13,251 to $50,40025%$37,651 to $91,150$37,651 to $75,950$75,301 to $151,900$50,401 to $130,15028%$91,151 to $190,150$75,951 to $115,725$151,901 to $231,450$130,151 to $210,80033%$190,151 to $413,350$115,726 to $206,675$231,451 to $413,350$210,801 to $413,35035%$413,351 to $415,050$206,676 to $233,475$413,351 to $466,950$413,351 to $441,00039.6%more than $415,050more than $233,475more than $466,950more than $441,000Standard$6300$6300$12,600$9300Deduction$4050Exemptions (per $4050person)$4050$4050PrintDone Use the 2016 marginal tax rates to compute the income tax owed by the following person.Unmarried head of household with two dependent children.Gross income: $63,000Adjustments: noneDeductions: $3480 state taxes$1000 theft lossTax credit: $3000i 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.)

Itemized deduction includes state taxes of $ 3480 and $ 1000 theft losses. However the standard…

Use the 2016 marginal tax rates to compute the income tax owed by the following person. Unmarried head of household with two dependent children. Gross income: $63,000 Adjustments: none Deductions: $3480 state taxes $1000 theft loss Tax credit: $3000 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. Unmarried head of household with two dependent children. Gross income: $63,000 Adjustments: none Deductions: $3480 state taxes $1000 theft loss Tax credit: $3000 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 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...

See similar textbooks

Similar questions

Calculating marginal tax rates. Piper Wells is single and received the items and amounts of income shown below during 2015, as shown below. Determine the marginal tax rate applicable to each item. Note that if the item is not taxable, the marginal rate is 0.
Lisa records nonrefundable Federal income tax credits of 65,000 for the year. Her regular income tax liability before credits is 190,000, and her TMT is 150,000. a. What is Lisas AMT? b. What is Lisas regular income tax liability after credits?
Based on 2011 tax rates provided, use a calculator to compute how much would be withheld from Joness November paycheck in the following three cases (round to the nearest penny):
Use the 2016 marginal tax rates to compute the tax owed by the following person. unmarried head of household with two dependent children. Gross income:$57,000 Adjustment:none Deduction:$4790 state taxes $1000 theft loss Tax credit: $1000 The income tax owed is $_
Use the 2016 marginal tax rates to compute the income tax owed by the following person. Unmarried head of household with two dependent children. Gross income: $47,000 Adjustments: none Deductions: $4676 state taxes $1000 theft loss Tax credit: $2000 The income tax owed is $