Use the marginal tax rates in the table below to compute the tax owed in the following situation. Winona and Jim are married filing jointly, with a taxable income of $331,000. They are entitled to a $6000 tax credit. Tax Rate Married Filing Jointly 10% up to $18,650 15% up to $75,900 25% up to $153,100 28% up to $233,350 33% up to $416,700 35% up to $470,700 39.6% above $470,700 Standard deduction $12,700 Exemption (per person) $4050 The tax owed is $_____.
Use the marginal tax rates in the table below to compute the tax owed in the following situation. Winona and Jim are married filing jointly, with a taxable income of $331,000. They are entitled to a $6000 tax credit. Tax Rate Married Filing Jointly 10% up to $18,650 15% up to $75,900 25% up to $153,100 28% up to $233,350 33% up to $416,700 35% up to $470,700 39.6% above $470,700 Standard deduction $12,700 Exemption (per person) $4050 The tax owed is $_____.
Chapter2: Income Tax Concepts
Section: Chapter Questions
Problem 20P: Sheila, a single taxpayer, is a retired computer executive with a taxable income of 100,000 in the...
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Use the marginal tax rates in the table below to compute the tax owed in the following situation.
Winona and Jim are married filing jointly, with a taxable income of
$331,000. They are entitled to a $6000 tax credit.
|
Tax Rate
|
Married Filing Jointly
|
|
|---|---|---|
|
10%
|
|
up to $18,650
|
|
15%
|
|
up to $75,900
|
|
25%
|
|
up to $153,100
|
|
28%
|
|
up to $233,350
|
|
33%
|
|
up to $416,700
|
|
35%
|
|
up to $470,700
|
|
39.6%
|
|
above $470,700
|
|
Standard deduction
|
|
$12,700
|
|
Exemption
(per person)
|
|
$4050
|
The tax owed is $_____.
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