FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
STEN
Rate
10%
12%
22%
24%
32%
35%
37%
Single
Single
Tax Rates
$0-$9,875
$9,875 - $40,125
$40,125-$85,525
$85,525-$163,300
$163,300 $207,350
$207,350-$518,400
$518,400 or more
Standard Deductions
$12,400
Married Filing Jointly
$0-$19,750
$19,750-$80,250
$80,250-$171,050
$171,050-$326,600
$326,600-$414,700
$414,700-$622,050
$622,050 or more
Married Filing Jointly
Find Martin's taxable income. Round to the nearest cent.
$1674.50
Martín is a 30-year-old, full-time college student sharing rent with a roommate who is filing separately
from Martin. Martin made $15,600 at his part-time job in 2020. He does not have any adjustments or
itemized deductions.
$24,800
Martín qualifies for a $17 earned income tax credit. Compute Martín's tax owed. Round to the nearest cent.
$
Suppose Martin's W-2 says that he paid $390 in taxes in 2020. Does Martín owe taxes, or is he due a refund?
O Has to pay
O Refund
Calculate Martin's taxes owed or refund. Round your answer the nearest cent.
S
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Transcribed Image Text:STEN Rate 10% 12% 22% 24% 32% 35% 37% Single Single Tax Rates $0-$9,875 $9,875 - $40,125 $40,125-$85,525 $85,525-$163,300 $163,300 $207,350 $207,350-$518,400 $518,400 or more Standard Deductions $12,400 Married Filing Jointly $0-$19,750 $19,750-$80,250 $80,250-$171,050 $171,050-$326,600 $326,600-$414,700 $414,700-$622,050 $622,050 or more Married Filing Jointly Find Martin's taxable income. Round to the nearest cent. $1674.50 Martín is a 30-year-old, full-time college student sharing rent with a roommate who is filing separately from Martin. Martin made $15,600 at his part-time job in 2020. He does not have any adjustments or itemized deductions. $24,800 Martín qualifies for a $17 earned income tax credit. Compute Martín's tax owed. Round to the nearest cent. $ Suppose Martin's W-2 says that he paid $390 in taxes in 2020. Does Martín owe taxes, or is he due a refund? O Has to pay O Refund Calculate Martin's taxes owed or refund. Round your answer the nearest cent. S
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