Use the marginal tax rates in the table below to compute the tax owed in the following situation. Gene is married filing separately with a taxable income of $67,700. SolveThe tax owed is $ . enter your response here.Tax RateMarried filingseparately10%up to $932515%up to $37,95025%up to$76,55028%up to$116,67533%up to$208,35035%up to$235,35039.6%above$235,350Standard deduction$6350Exemption(per person)$4050

The income tax due is the tax payable on the taxable income. The taxable income represents the…

Answered: Use the marginal tax rates in the table…

Fundamentals Of Financial Management, Concise Edition (mindtap Course List)

10th Edition

ISBN:9781337902571

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 marginal tax rates in the table below to compute the tax owed in the following situation.

Gene is married filing separately with a taxable income of $67,700.

Solve

The tax owed is $ . enter your response here.

Tax Rate	Married filing separately
10%	up to $9325
15%	up to $37,950
25%	up to $76,550
28%	up to $116,675
33%	up to $208,350
35%	up to $235,350
39.6%	above $235,350
Standard deduction	$6350
Exemption (per person)	$4050

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