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Use the 2016 marginal tax rates to compute the tax owed by a head of household with a taxable income of $78,000 and a $6000 tax credit.

Use the 2016 marginal tax rates to compute the tax owed by a head of household with a taxable income of $78,000 and a $6000 tax credit.

Fundamentals of Financial Management, Concise Edition (MindTap Course List)
Fundamentals of Financial Management, Concise Edition (MindTap Course List)
9th Edition
ISBN:9781305635937
Author:Eugene F. Brigham, Joel F. Houston
Publisher:Eugene F. Brigham, Joel F. Houston
Chapter3: Financial Statements, Cash Flow, And Taxes
Section: Chapter Questions
Problem 8P: PERSONAL TAXES Susan and Stan Britton are a married couple who file a joint income tax return, where...
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Use the 2016 marginal tax rates to compute the tax owed by a head of household with a taxable income of $78,000 and a $6000 tax credit.

1: 2016 Marginal Tax Rates Tax Rate 10% 15% <-25% 28% 33% 35% 39.6% Standard Deduction 2016 Marginal Tax Rates, Standard Deductions, and Exemptions Married and each partner files a separate tax return Unmarried, divorced, or legally separated Exemptions (per $4050 person) 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 Married and both partners file a single tax return Married Filing Separately Married Filing Jointly 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 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 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
Transcribed Image Text:1: 2016 Marginal Tax Rates Tax Rate 10% 15% <-25% 28% 33% 35% 39.6% Standard Deduction 2016 Marginal Tax Rates, Standard Deductions, and Exemptions Married and each partner files a separate tax return Unmarried, divorced, or legally separated Exemptions (per $4050 person) 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 Married and both partners file a single tax return Married Filing Separately Married Filing Jointly 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 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 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
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