1: 2016 Marginal Tax RatesTax Rate10%15%-25%28%33%35%39.6%StandardDeduction2016 Marginal Tax Rates, Standard Deductions, and ExemptionsMarried and each partnerfiles a separate tax returnUnmarried, divorced,or legally separatedExemptions (per $4050person)Singleup to $9275$9276 to $37,650$37,651 to $91,150$91,151 to $190,150$190,151 to $413,350$413,351 to $415,050more than $415,050$6300Married and bothpartners file a singletax returnMarried Filing Separately Married Filing Jointlyup to $9275-$9276 to $37,650-$37,651 to $75,950$75,951 to $115,725$115,726 to $206,675$206,676 to $233,475more than $233,475$6300up to $18,550$18,551 to $75,300$75,301 to $151,900$151,901 to $231,450$231,451 to $413,350$413,351 to $466,950more than $466,950$12,600$4050$4050Unmarried and payingmore than half the costof supporting a childor parentHead of Householdup to $13,250$13,251 to $50,400$50,401 to $130,150$130,151 to $210,800$210,801 to $413,350$413,351 to $441,000more than $441,000$9300$4050 Use the 2016 marginal tax rates to compute the tax owed by the following person.A married man filing separately with a taxable income of $143,000.Click the icon to view the 2016 marginal tax rates.The tax owed is $(Type an integer or a decimal. Round to the nearest cent as needed.)

A tax is a governmental organization's mandatory financial obligation or other form of levy enforced…

Use the 2016 marginal tax rates to compute the tax owed by the following person. A married man filing separately with a taxable income of $143,000. Click the icon to view the 2016 marginal tax rates. ... The tax owed is $ Type an integer or a decimal. Round to the nearest cent as needed.)

Use the 2016 marginal tax rates to compute the tax owed by the following person. A married man filing separately with a taxable income of $143,000. Click the icon to view the 2016 marginal tax rates. ... The tax owed is $ Type an integer or a decimal. Round to the nearest cent as needed.)

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter3: Preparing Your Taxes

Section: Chapter Questions

Problem 1FPE: Calculating marginal tax rates. Lacey Hansen is single and received the items and amounts of income...

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Concept explainers

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.

Question

1: 2016 Marginal Tax Rates
Tax Rate
10%
15%
-25%
28%
33%
35%
39.6%
Standard
Deduction
2016 Marginal Tax Rates, Standard Deductions, and Exemptions
Married and each partner
files a separate tax return
Unmarried, divorced,
or legally separated
Exemptions (per $4050
person)
Single
up to $9275
$9276 to $37,650
$37,651 to $91,150
$91,151 to $190,150
$190,151 to $413,350
$413,351 to $415,050
more than $415,050
$6300
Married and both
partners file a single
tax return
Married Filing Separately Married Filing Jointly
up to $9275-
$9276 to $37,650-
$37,651 to $75,950
$75,951 to $115,725
$115,726 to $206,675
$206,676 to $233,475
more than $233,475
$6300
up to $18,550
$18,551 to $75,300
$75,301 to $151,900
$151,901 to $231,450
$231,451 to $413,350
$413,351 to $466,950
more than $466,950
$12,600
$4050
$4050
Unmarried and paying
more than half the cost
of supporting a child
or parent
Head of Household
up to $13,250
$13,251 to $50,400
$50,401 to $130,150
$130,151 to $210,800
$210,801 to $413,350
$413,351 to $441,000
more than $441,000
$9300
$4050

Use the 2016 marginal tax rates to compute the tax owed by the following person.
A married man filing separately with a taxable income of $143,000.
Click the icon to view the 2016 marginal tax rates.
The tax owed is $
(Type an integer or a decimal. Round to the nearest cent as needed.)

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