Use the marginal tax rates in the table below to compute the tax owed in the following situation. The tax owed is S (Simplify your answer. Round to the nearest dollar as needed.) Marco is married filing separately with a taxable income of $67,900. Tax Rate 10% 15% 25% 28% 33% 35% 39.6% Standard deduction Exemption (per person) Married Filing Separately up to $9325 up to $37,950 up to $76,550 up to $116,675 up to $208,350 up to $235,350 above $235,350 $6350 $4050

Income Tax Fundamentals 2020
38th Edition
ISBN:9780357391129
Author:WHITTENBURG
Publisher:WHITTENBURG
Chapter2: Gross Income And Exclusions
Section: Chapter Questions
Problem 34MCQ: Dana and Larry are married and live in Texas. Dana earns a salary of $45,000 and Larry has $25,000...
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Use the marginal tax rates in the table below to compute the tax owed in the
following situation.
The tax owed is S
(Simplify your answer. Round to the nearest dollar as needed.)
Marco is married filing separately with a taxable income of $67,900.
Tax Rate
10%
15%
25%
28%
33%
35%
39.6%
Standard deduction
Exemption
(per person)
Married Filing
Separately
up to $9325
up to $37,950
up to $76,550
up to $116,675
up to $208,350
up to $235,350
above $235,350
$6350
$4050
Transcribed Image Text:Use the marginal tax rates in the table below to compute the tax owed in the following situation. The tax owed is S (Simplify your answer. Round to the nearest dollar as needed.) Marco is married filing separately with a taxable income of $67,900. Tax Rate 10% 15% 25% 28% 33% 35% 39.6% Standard deduction Exemption (per person) Married Filing Separately up to $9325 up to $37,950 up to $76,550 up to $116,675 up to $208,350 up to $235,350 above $235,350 $6350 $4050
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