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: $54,000Adjustments: noneDeductions: $3505 state taxes$4000 theft lossTax credit: $3000Click 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.) 1: 2016 Marginal Tax RatesTax Rate10%15%-25%28%33%35%39.6%StandardDeduction2016 Marginal Tax Rates, Standard Deductions, and ExemptionsMarried and each partnerfiles a separate tax returnUnmarried, divorced,or legally separatedExemptions (per $4050person)Singleup to $9275$9276 to $37,650$37,651 to $91,150$91,151 to $190,150$190,151 to $413,350$413,351 to $415,050more than $415,050$6300Married and bothpartners file a singletax returnMarried Filing Separately Married Filing Jointlyup to $9275-$9276 to $37,650-$37,651 to $75,950$75,951 to $115,725$115,726 to $206,675$206,676 to $233,475more than $233,475$6300up 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 $466,950more than $466,950$12,600$4050$4050Unmarried and payingmore than half the costof supporting a childor parentHead of Householdup 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 $441,000more than $441,000$9300$4050

According to the given question, we are required to compute the income tax owed. According to the…

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: $54,000 Adjustments: none Deductions: $3505 state taxes $4000 theft loss Tax credit: $3000 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.)

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: $54,000 Adjustments: none Deductions: $3505 state taxes $4000 theft loss Tax credit: $3000 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.)

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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