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.)2016 marginal tax rates2016 Marginal Tax Rates, Standard Deductions, and ExemptionsUnmarried and payingUnmarried, divorced, Married and each partneror legally separatedMarried and bothfiles a separate tax return partners file a single more than half the costtax returnof supporting a childor parentTax 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 $441,000ard$6300$630012,60$9300Deduction$4050Exemptions (per $4050person)$4050$4050PrintDone

Given, Gross income= $63000 Deductions= 3480 + 1000 = $4480 Net taxable income= 63000 - 4480 =…

Answered: Use the 2016 marginal tax rates to…

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Use the 2016 marginal tax rates to compute the income tax owed by the following person.

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter5: Gross Income: Exclusions

Section: Chapter Questions

Problem 55P

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Question

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
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.)
2016 marginal tax rates
2016 Marginal Tax Rates, Standard Deductions, and Exemptions
Unmarried and paying
Unmarried, divorced, Married and each partner
or legally separated
Married and both
files a separate tax return partners file a single more than half the cost
tax return
of supporting a child
or parent
Tax Rate
Single
Married Filing Separately Married Filing Jointly
Head of Household
10%
up to $9275
up to $9275
up to $18,550
up to $13,250
15%
$9276 to $37,650
$9276 to $37,650
$18,551 to $75,300
$13,251 to $50,400
25%
$37,651 to $91,150
$37,651 to $75,950
$75,301 to $151,900
$50,401 to $130,150
28%
$91,151 to $190,150
$75,951 to $115,725
$151,901 to $231,450
$130,151 to $210,800
33%
$190,151 to $413,350
$115,726 to $206,675
$231,451 to $413,350
$210,801 to $413,350
35%
$413,351 to $415,050
$206,676 to $233,475
$413,351 to $466,950
$413,351 to $441,000
39.6%
more than $415,050
more than $233,475
more than $466,950
more than $441,000
ard
$6300
$6300
12,60
$9300
Deduction
$4050
Exemptions (per $4050
person)
$4050
$4050
Print
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