FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Use the table to calculate how much money Lizzie will owe in taxes under a progressive tax program. Give your answer to two decimals.

Calculate how much money Lizzie will owe in taxes under a proportional, or flat, tax rate of 30%30%. Give your answer to two decimals.

Use the table to answer the questions. In relation to taxes, Lizzie will be filing as a qualified widow. Lizzie is making
$15,684.00 this year as an employee of Rust-Eze; she has no other income. Do not consider any deductions or expenses in
this question.
Tax rate
Single
10%
$0-$8,350
15%
$8,351-$33,950
25%
$33,951-$82,250
28% $82,251-$171,550
33% $171,551-$372,950
35%
$372,951+
Married filing jointly or
qualified widow(er)
$0-$16,700
$16,701-$67,900
$67,901-$137,050
$137,051-$208,850
$208,851-$372,950
$372,951+
Married filing separately
$0-$8.350
$8,351-$33,950
$33,951-$68,525
$68,526-$104,425
$104,426-$186,475
$186,476+
Head of household
$0-$11,950
$11,951-$45,500
$45,501-$117,450
$117,451-$190,200
$190,201-$372,950
$372,951+
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Transcribed Image Text:Use the table to answer the questions. In relation to taxes, Lizzie will be filing as a qualified widow. Lizzie is making $15,684.00 this year as an employee of Rust-Eze; she has no other income. Do not consider any deductions or expenses in this question. Tax rate Single 10% $0-$8,350 15% $8,351-$33,950 25% $33,951-$82,250 28% $82,251-$171,550 33% $171,551-$372,950 35% $372,951+ Married filing jointly or qualified widow(er) $0-$16,700 $16,701-$67,900 $67,901-$137,050 $137,051-$208,850 $208,851-$372,950 $372,951+ Married filing separately $0-$8.350 $8,351-$33,950 $33,951-$68,525 $68,526-$104,425 $104,426-$186,475 $186,476+ Head of household $0-$11,950 $11,951-$45,500 $45,501-$117,450 $117,451-$190,200 $190,201-$372,950 $372,951+
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