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: $47,000 Adjustments: none Deductions: $4676 state taxes $1000 theft loss Tax credit: $2000 The income tax owed is $
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: $47,000 Adjustments: none Deductions: $4676 state taxes $1000 theft loss Tax credit: $2000 The income tax owed is $
Chapter5: Gross Income: Exclusions
Section: Chapter Questions
Problem 6CPA
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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:
|
$47,000
|
|
Adjustments:
|
none
|
|
Deductions:
|
$4676
state taxes$1000
theft loss |
|
Tax credit:
|
$2000
|
The income tax owed is
$
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