Use the 2016 marginal tax rates to compute the tax owed by the following person. A married man filing separately with a taxable income of $160,000. i Click the icon to view the 2016 marginal tax rates.
Use the 2016 marginal tax rates to compute the tax owed by the following person. A married man filing separately with a taxable income of $160,000. i Click the icon to view the 2016 marginal tax rates.
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 1FPE: Calculating marginal tax rates. Lacey Hansen is single and received the items and amounts of income...
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Question
100%
Transcribed Image Text: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
Unmarried, divorced,
or legally separated
Standard
Deduction
Exemptions $4050
(per 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
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
$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
$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:Use the 2016 marginal tax rates to compute the tax owed by the following person.
A married man filing separately with a taxable income of $160,000.
i Click the icon to view the 2016 marginal tax rates.
The tax owed is $
(Type an integer or a decimal. Round to the nearest cent as needed.)
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