Exhibit 18- 3Income Tax Rate TablesFiling status: SingleTaxable incomeТахAt least $0 but not over $9,52510% of the amount over $0Over $9,525 but not over $38,700$952.50 + 12% of the amount over $9,525Over $38,700 but not over $82,500$4,453.50 + 22% of the amount over $38,700Over $82,500 but not over $157,500$14,089.50 + 24% of the amount over $82,500Over $157,500 but not over $200,000$32,089.50 + 32% of the amount over $157,500Over $200,000 but not over $500,000$45,689.50 + 35% of the amount over $200,000Over $500,000$150,689.50 + 37% of the amount over $500,000Filing status: Married filing jointly or Qualifying widow(er)Taxable incomeТаxAt least $0 but not over $19,05010% of the amount over $0Over $19,050 but not over $77,400$1,905 + 12% of the amount over $19,050Over $77,400 but not over $165,000$8,907 + 22% of the amount over $77,400Over $165,000 but not over $315,000$28,179 + 24% of the amount over $165,000Over $315,000 but not over $400,00$64,179 + 32% of the amount over $315,000Over $400,00 but not over $600,000$91,379 + 35% of the amount over $400,000Over $600,000$161,379 + 37% of the amount over $600,000Filing status: Married filing separatelyTaxable incomeТаxAt least $0 but not over $9,52510% of the amount over $0Over $9,525 but not over $38,700$952.50 + 12% of the amount over $9,525Over $38,700 but not over $82,500$4,453.50 + 22% of the amount over $38,700Over $82,500 but not over $157,500$14,089.50 + 24% of the amount over $82,500Over $157,500 but not over $200,000$32,089.50 + 32% of the amount over $157,500Over $200,000 but not over $300,000$45,689.50 + 35% of the amount over $200,000Over $300,000$80,689.50 + 37% of the amount over $300,000Filing status: Head of householdTaxable incomeТаxAt least $0 but not over $13,60010% of the amount over $0Over $13,600 but not over $51,800$1,360 + 12% of the amount over $13,600Over $51,800 but not over $82,500$5,944 + 22% of the amount over $51,800Over $82,500 but not over $157,500$12,698 + 24% of the amount over $82,500Over $157,500 but not over $200,000$30,698 + 32% of the amount over $157,500Over $200,000 but not over $500,000$44,298 + 35% of the amount over $200,000Over $500,000$149,298 + 37% of the amount over $500,000 Use the Tax Rate Tables, Exhibit 18-3, to calculate the tax liability (in $) for the taxpayer.NameFiling StatusTaxable IncomeTax LiabilityRuahead of household$165,400$%24

Taxes are the main sources of revenue for the government. Every government imposes tax on the basis…

Answered: Use the Tax Rate Tables, Exhibit 18-3,…

Use the Tax Rate Tables, Exhibit 18-3, to calculate the tax liability (in $) for the taxpayer. Name Filing Status Taxable Income Tax Liability Rua head of household $165,400 %24

Fundamentals of Financial Management (MindTap Course List)

14th Edition

ISBN:9781285867977

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 Joe and Jane Keller are a married couple who file a joint income tax return, where...

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Concept explainers

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.

Question

100%

Exhibit 18- 3
Income Tax Rate Tables
Filing status: Single
Taxable income
Тах
At least $0 but not over $9,525
10% of the amount over $0
Over $9,525 but not over $38,700
$952.50 + 12% of the amount over $9,525
Over $38,700 but not over $82,500
$4,453.50 + 22% of the amount over $38,700
Over $82,500 but not over $157,500
$14,089.50 + 24% of the amount over $82,500
Over $157,500 but not over $200,000
$32,089.50 + 32% of the amount over $157,500
Over $200,000 but not over $500,000
$45,689.50 + 35% of the amount over $200,000
Over $500,000
$150,689.50 + 37% of the amount over $500,000
Filing status: Married filing jointly or Qualifying widow(er)
Taxable income
Таx
At least $0 but not over $19,050
10% of the amount over $0
Over $19,050 but not over $77,400
$1,905 + 12% of the amount over $19,050
Over $77,400 but not over $165,000
$8,907 + 22% of the amount over $77,400
Over $165,000 but not over $315,000
$28,179 + 24% of the amount over $165,000
Over $315,000 but not over $400,00
$64,179 + 32% of the amount over $315,000
Over $400,00 but not over $600,000
$91,379 + 35% of the amount over $400,000
Over $600,000
$161,379 + 37% of the amount over $600,000
Filing status: Married filing separately
Taxable income
Таx
At least $0 but not over $9,525
10% of the amount over $0
Over $9,525 but not over $38,700
$952.50 + 12% of the amount over $9,525
Over $38,700 but not over $82,500
$4,453.50 + 22% of the amount over $38,700
Over $82,500 but not over $157,500
$14,089.50 + 24% of the amount over $82,500
Over $157,500 but not over $200,000
$32,089.50 + 32% of the amount over $157,500
Over $200,000 but not over $300,000
$45,689.50 + 35% of the amount over $200,000
Over $300,000
$80,689.50 + 37% of the amount over $300,000
Filing status: Head of household
Taxable income
Таx
At least $0 but not over $13,600
10% of the amount over $0
Over $13,600 but not over $51,800
$1,360 + 12% of the amount over $13,600
Over $51,800 but not over $82,500
$5,944 + 22% of the amount over $51,800
Over $82,500 but not over $157,500
$12,698 + 24% of the amount over $82,500
Over $157,500 but not over $200,000
$30,698 + 32% of the amount over $157,500
Over $200,000 but not over $500,000
$44,298 + 35% of the amount over $200,000
Over $500,000
$149,298 + 37% of the amount over $500,000

Use the Tax Rate Tables, Exhibit 18-3, to calculate the tax liability (in $) for the taxpayer.
Name
Filing Status
Taxable Income
Tax Liability
Rua
head of household
$165,400
$
%24

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