Use the 2016 marginal tax rates to compute the income tax owed by the followingperson.Single male, no dependents.Gross income:$82,000Adjustments: $2000Deductions: $27,000 mortgage interest$4278 property taxes$4000 charitable contributionsTax credit:noneClick the icon to view the 2016 marginal tax rates.The income tax owed is $.(Type an integer or a decimal. Round to the nearest cent as needed.)

Step 1:To compute the income tax owned, the taxable income is to be calculated. The taxable income…

Answered: Use the 2016 marginal tax rates to…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Use the 2016 marginal tax rates to compute the income tax owed by the following person. Single male, no dependents. Gross income:$94,000 Adjustments:$2000 Deductions:$34,000 mortgage interest $4095 property taxes $3000 charitable contributions Tax credit:none i Click the icon to view the 2016 marginal tax rates. The income tax owed is $ (Type an integer or a decimal. Round to the nearest cent as needed.)
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: $63,000 Adjustments: none Deductions: $3480 state taxes $1000 theft loss Tax credit: $3000 i Click the icon to view the 2016 marginal tax rates. The income tax owed is $. (Type an integer or a decimal. Round to the nearest cent as needed.)
Use the 2016 marginal tax rates to compute the income tax owed by the following person. Single male, no dependents. Gross income:$83,000 Adjustments: $1000 Deductions:$30,000 mortgage interest $4101 property taxes $4000 charitable contributions Tax credit:none Click the icon to view the 2016 marginal tax rates. *** The income tax owed is $ (Type an integer or a decimal. Round to the nearest cent as needed.)
Use the 2016 marginal tax rates to compute the tax owed by the following person. A head of household with a taxable income of $56,000 and a $8000 tax credit i Click the icon to view the 2016 marginal tax rates. The tax owed is $ (Type an integer or a decimal. Round to the nearest cent as needed.)
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: $63,000 Adjustments: none Deductions: $3480 state taxes $1000 theft loss Tax credit: $3000 i Click the icon to view the 2016 marginal tax rates. The income tax owed is $. (Type an integer or a decimal. Round to the nearest cent as needed.) 2016 marginal tax rates 2016 Marginal Tax Rates, Standard Deductions, and Exemptions Unmarried and paying Unmarried, divorced, Married and each partner or legally separated Married and both files a separate tax return partners file a single more than half the cost tax return of supporting a child or parent Tax Rate Single Married Filing Separately Married Filing Jointly Head of Household 10% up to $9275 up to $9275 up to $18,550 up to $13,250 15% $9276 to $37,650 $9276 to $37,650 $18,551 to $75,300 $13,251 to $50,400 25% $37,651 to $91,150 $37,651 to $75,950 $75,301 to $151,900 $50,401 to…
Use the 2016 marginal tax rates to compute the tax owed by the following person. A single man with a taxable income of $14,000 and a $3500 tax credit Click the icon to view the 2016 marginal tax rates. ..... The tax owed is dollars. (Type an integer or a decimal. Round to the nearest cent as needed.)
Use the 2016 marginal tax rates to compute the tax owed by the following person. A head of household with a taxable income of $89,000 and a $7000 tax credit Click the icon to view the 2016 marginal tax rates. The tax owed is $ (Type an integer or a decimal. Round to the nearest cent as needed.) 2016 Marginal Tax Rates Tax Rate 10% 15% 25% 28% 33% 35% 39.6% 2016 Marginal Tax Rates, Standard Deductions, and Exemptions Married and each partner files a separate tax return Unmarried, divorced, or legally separated Single up to $9275 $9276 to $37,650 $37,651 to $91,150 $91,151 to $190,150 $190,151 to $413,350 $413,351 to $415,050 more than $415,050 $6300 Standard Deduction Exemptions (per $4050 person) Married Filing Separately Married Filing Jointly up to $9275 up to $18,550 $9276 to $37,650 $18,551 to $75,300 $37,651 to $75,950 $75,301 to $151,900 $75,951 to $115,725 $151,901 to $231,450 $115,726 to $206,675 $231,451 to $413,350 $206,676 to $233,475 $413,351 to $466,950 more than $233,475…
Use the 2012 marginal tax rates to compute the tax owed by the following person. Round taxable income to the nearest dollar as needed. a single male, no dependents. Gross income: $84,000 Deductions: $31,000 mortgage interest $4795 property taxes $4000 charitable contributions Adjustments: $3000 Tax credit: none Click the icon to view the 2012 marginal tax rates. The income tax owed is $ (Round to the nearest cent as necessary.) Mati
Use the 2016 marginal tax rates to compute the income tax owed by the following person. Single male, no dependents. Gross income: $89,000 Adjustments: $4000 Deductions: $27,000 mortgage interest $4775 property taxes $1000 charitable contributions Tax credit: none
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 tax owed by the following person. unmarried head of household with two dependent children. Gross income:$57,000 Adjustment:none Deduction:$4790 state taxes $1000 theft loss Tax credit: $1000 The income tax owed is $_
K 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: $48,000 Adjustments: none Deductions: $3817 state taxes. $2000 theft loss Tax credit: $2000 Click the icon to view the 2016 marginal tax rates. The income tax owed is $ (Type an integer or a decimal. Round to the nearest cent as needed.) 2016 Marginal Tax Rates Tax Rate 10% 15% 25% 28% 33% 35% 39.6% Standard Deduction Exemptions (per person) 2016 Marginal Tax Rates, Standard Deductions, and Exemptions Unmarried, divorced, Married and each partner or legally separated files a separate tax return Single up to $9275 $9276 to $37,650 $37,651 to $91,150 $91,151 to $190,150 $190,151 to $413,350 $413,351 to $415,050 more than $415,050 $6300 $4050 Married Filing Separately up to $9275 $9276 to $37,650 $37,651 to $75,950 $75,951 to $115,725 $115,726 to $206,675 $206,676 to $233,475 more than $233,475 $6300 ACCES $4050 Married and both…

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