The 2015 tax table provided by the IRS is to be used when taxable income is below $100,000. If taxable income exceeds $100,000, then the marginal tax rates are used to calculate the tax owed. Filing Status Tax Rate 10% 15% 25% 28% 33% 35% 39.6% Single 2015 Marginal Tax Rates Married Submit Question Married Filing Jointly Filing Separately Income Brackets 0-9,225 Head of Household 0-9,225 0-18,450 0-13,150 9,226-37,450 18,451-74,900 9,226-37,450 13,151-50,200 37,451-90,750 74,901-151,200 37,451-75,600 50,201-129,600 129,601-209,850 90,751-189,300 151,201-230,450 75,601-115,225 189,301-411,500 230,451-411,500 115,226-205,750 209,851-411,500 411,501-413,200 411,501-464,850 205,751-232,425 411,501-439,000 413,201+ 464,851+ 232,426+ 439,001+ Use the marginal tax rates to find the income tax for a taxpayer with taxable income of $888,650 filing as head of household. Use the marginal tax rates to find the income Tax for a taxpayer with taxable income of $567,840 filing as married filing separately.
The 2015 tax table provided by the IRS is to be used when taxable income is below $100,000. If taxable income exceeds $100,000, then the marginal tax rates are used to calculate the tax owed. Filing Status Tax Rate 10% 15% 25% 28% 33% 35% 39.6% Single 2015 Marginal Tax Rates Married Submit Question Married Filing Jointly Filing Separately Income Brackets 0-9,225 Head of Household 0-9,225 0-18,450 0-13,150 9,226-37,450 18,451-74,900 9,226-37,450 13,151-50,200 37,451-90,750 74,901-151,200 37,451-75,600 50,201-129,600 129,601-209,850 90,751-189,300 151,201-230,450 75,601-115,225 189,301-411,500 230,451-411,500 115,226-205,750 209,851-411,500 411,501-413,200 411,501-464,850 205,751-232,425 411,501-439,000 413,201+ 464,851+ 232,426+ 439,001+ Use the marginal tax rates to find the income tax for a taxpayer with taxable income of $888,650 filing as head of household. Use the marginal tax rates to find the income Tax for a taxpayer with taxable income of $567,840 filing as married filing separately.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
??
Transcribed Image Text:The 2015 tax table provided by the IRS is to be used when taxable income is below $100,000. If taxable
income exceeds $100,000, then the marginal tax rates are used to calculate the tax owed.
Filing Status
Tax Rate
10%
15%
25%
28%
33%
35%
39.6%
Single
Submit Question
2015 Marginal Tax Rates
Married
413,201+
Married
Filing Jointly Filing Separately
Income Brackets
0-18,450 0-9,225
0-9,225
0-13,150 20
13,151-50,200
9,226-37,450 18,451-74,900 9,226-37,450
37,451-90,750 74,901-151,200 37,451-75,600 50,201-129,600
90,751-189,300 151,201-230,450 75,601-115,225 129,601-209,850
189,301-411,500 230,451-411,500 115,226-205,750 209,851-411,500
411,501-413,200 411,501-464,850 205,751-232,425 411,501-439,000
464,851+
Head of
Household
232,426+
439,001+
Use the marginal tax rates to find the income tax for a taxpayer with taxable income of $888,650 filing as
head of household.
Use the marginal tax rates to find the income tax for a taxpayer with taxable income of $567,840 filing as
married filing separately.
MacBook Air
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 4 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education