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Assume the following: Single filing status. • Total Income of $100,000 Adjustments of $2,000 Deductions of $12,950 . . Tax Payments of $3,000 • Tax Credit of $4,000 . How much do you still owe in taxes? Hint: calculate your Taxable Income. Then calculate your Total Taxes Due.

Assume the following: Single filing status. • Total Income of $100,000 Adjustments of $2,000 Deductions of $12,950 . . Tax Payments of $3,000 • Tax Credit of $4,000 . How much do you still owe in taxes? Hint: calculate your Taxable Income. Then calculate your Total Taxes Due.

FINANCIAL ACCOUNTING
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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Assume the following: . . Single filing status. Total Income of $100,000 . Adjustments of $2,000 • Deductions of $12,950 • Tax Payments of $3,000 • Tax Credit of $4,000 How much do you still owe in taxes? Hint: calculate your Taxable Income. Then calculate your Total Taxes Due. Tax Rate 10% 12% 22% 24% 32% 35% 37% $10,400 $13,400 $7,018.50 O $13,138.50 2023 Federal Income Tax Brackets Single Up to $11,000 $11,001 to $44,725 $44,726 to $95,375 $95,376 to $182,100 $182,101 to $231,250 $231,251 to $578,125 Over $578,126 Married Filing Jointly Up to $22,000 $22,001 to $89,450 $89,451 to $190,750 $190,751 to $364,200 $364,201 to $462,500 $462,501 to $693,750 Over $693,751 Head of Household Up to $15,700 $15,701 to $59,850 $59,851 to $95,350 $95,351 to $182,100 $182,101 to $231,250 $231,251 to $578,100 Over $578,101
Transcribed Image Text:Assume the following: . . Single filing status. Total Income of $100,000 . Adjustments of $2,000 • Deductions of $12,950 • Tax Payments of $3,000 • Tax Credit of $4,000 How much do you still owe in taxes? Hint: calculate your Taxable Income. Then calculate your Total Taxes Due. Tax Rate 10% 12% 22% 24% 32% 35% 37% $10,400 $13,400 $7,018.50 O $13,138.50 2023 Federal Income Tax Brackets Single Up to $11,000 $11,001 to $44,725 $44,726 to $95,375 $95,376 to $182,100 $182,101 to $231,250 $231,251 to $578,125 Over $578,126 Married Filing Jointly Up to $22,000 $22,001 to $89,450 $89,451 to $190,750 $190,751 to $364,200 $364,201 to $462,500 $462,501 to $693,750 Over $693,751 Head of Household Up to $15,700 $15,701 to $59,850 $59,851 to $95,350 $95,351 to $182,100 $182,101 to $231,250 $231,251 to $578,100 Over $578,101
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