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Use the 2016 marginal tax rates to compute the tax owed by the following person. A single woman with a taxable income of $58,000 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.)

Use the 2016 marginal tax rates to compute the tax owed by the following person. A single woman with a taxable income of $58,000 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.)

Income Tax Fundamentals 2020
Income Tax Fundamentals 2020
38th Edition
ISBN:9780357391129
Author:WHITTENBURG
Publisher:WHITTENBURG
Chapter12: Tax Administration And Tax Planning
Section: Chapter Questions
Problem 22MCQ: Melodie's taxable income is $39,000 and she pays income tax of $4,489. If Melodie's taxable income...
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Use the 2016 marginal tax rates to compute the tax owed by the following person. A single woman with a taxable income of $58,000 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.)
Transcribed Image Text:Use the 2016 marginal tax rates to compute the tax owed by the following person. A single woman with a taxable income of $58,000 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.)
Use the 2016 marginal tax rates to compute the tax owed by the following person. A single woman with a taxable income of $58,000 The 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 files a separate tax return Married and both partners file a single more than half the cost of supporting a child or parent tax return Tax Rate Single up to $9275 Married Filing Separately Married Filing Jointly Head of Household 10% 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 more than $233,475 $6300 39.6% more than $415,050 more than $466,950 more than $441,000 Standard $6300 $12,600 $9300 Deduction Exemptions (per $4050 person) $4050 $4050 $4050 Print Done
Transcribed Image Text:Use the 2016 marginal tax rates to compute the tax owed by the following person. A single woman with a taxable income of $58,000 The 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 files a separate tax return Married and both partners file a single more than half the cost of supporting a child or parent tax return Tax Rate Single up to $9275 Married Filing Separately Married Filing Jointly Head of Household 10% 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 more than $233,475 $6300 39.6% more than $415,050 more than $466,950 more than $441,000 Standard $6300 $12,600 $9300 Deduction Exemptions (per $4050 person) $4050 $4050 $4050 Print Done
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