Use the 2012 marginal tax rates to compute the tax owed by the following person.
ID: 2803544 • Letter: U
Question
Use the 2012 marginal tax rates to compute the tax owed by the following person. Round taxable income to the nearest dollar as needed. A single man with a taxable income of $15,000 and a $3000 tax credit i Click the icon to view the 2012 marginal tax rates. The tax owed is dollars 2012 Marginal Tax Rates 2012 Marginal Tax Rates, Standard Deductions, and Exemptions Unmarried, divorced, or legally separated Married and each partner files a separate tax return Married and bothUnmarried and paying partners file a single more than half the cost tax return of supporting a child or parent Head of Household Tax Rate 10% 15% 25% 28% 33% 35% Standard Deduction Exemptions (per person) Single up to $8700 $8701 to $35,350 $8701 to $35,350 $35,351 to $85,650 $35,351 to $71,350 $85,651 to $178,650 $71.351 to $108,725 Married Filing Separately up to $8700 Married Filing Jointly up to $17,400 $17.401 to $70,700 $12.401 to $47,350 up to $12,400 $70,701 to $142,700 $47,351 to $122,300 $142,701 to $217,450 $122,301 to $198,050 $108.726 to $194,175 $217,451 to $388,350 $198,051 to $388,350 $178,651 to $388 350 more than $388,350 more than $194,175more than $5950 $388,350 more than $388,350 58700 $3800 $5950 $11,900 Enter your answer in the a $3800 $3800 $3800Explanation / Answer
Single person Income = $15,000
Total tax paid = ($8,700 × 10%) + [($15,000 - $8,700) × 15%]
= $870 + ($6,300 × 15%)
= $870 + $945
= $1,815.
Total tax credit is $1,815.
His income comes under maximum 15% tax Slab, so marginal tax rate sis 15%.
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.