FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question

9

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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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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