Use the marginal tax rates in the table below to compute the tax owed in the fol

Question

Use the marginal tax rates in the table below to compute the tax owed in the following situation The tax owed is $. (Simplify your answer. Round to the nearest dollar as needed.) Gene is married filing separately with a taxable income of $67,600 Tax Rate SingleMarried Filing Separa p to $8,925 up to $8,925 10% 15% 25% 28% 33% 35% standard deduction exemption (per person) to $36,250 up to $36,250 to $87,850 up to $73,200 to $183,250 up to $111,525 to $398,350 up to $199,175 p to $400,000up to $400,000 6100 100 3900 3900

Explanation / Answer

Here taxable income = $ 67,600

As she is married filling seperately

Tax owed = 8925 * 10/100 + (36250 - 8925) * 15/100 + (67600 - 36250) * 25/100 = $ 12828.75

Here we deduct standard deduction and exepmtion per person from taxable income already.

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