Question: May you please round final answer to nearest cent, thank you! :) 2018 Individual Tax Rates Single Individuals You Pay This Plus This Percentage If
2018 Individual Tax Rates Single Individuals You Pay This Plus This Percentage If Your Taxable Amount on the on the Excess over the Income Is Base of the Bracket Base (Marginal Rate) Up to $9,525 $0 10.0% $9,525 - $38,700 952.50 12.0 $38,700 - $82,500 4,453.50 22.0 $82,500 - $157,500 14,089.50 24.0 $157,500 - $200,000 32,089.50 32.0 $200,000 - $500,000 45,689.50 35.0 Over $500,000 150,689.50 37.0 Standard deduction for individual: $12,000 Average Tax Rate at Top of Bracket 10.0 11.5 17.1 20.4 22.8 30.1 37,0 If Your Taxable Income Is Up to $19,050 $19,050 - $77,400 $77,400 - $165,000 5165,000 - $315,000 $315,000 - $400,000 $400,000 - $600,000 Over $600,000 Married couples Filing Joint Returns You Pay This Plus This Percentage Amount on the on the Excess over the Base of the Bradret Base (Marginal Rate) $0 10.0% 1.905.00 12.0 8,907.00 22.0 28,179.00 24.0 64,179.00 32.0 91,379.00 35.0 161,379.00 37,0 Average Tax Rate at Top of Bracket 10.0% 11.5 17.1 20.4 22.8 26.9 37.0 Standard deduction for married couples filing jointly: $24,000 Quantitative Problem: Jenna is a single taxpayer. During 2018, she earned wages of $114,000. She doesn't itemize deductions, so she will take the standard deduction to calculate 2018 taxable income. In addition, during the year she sold common stock that she had owned for five years for a net profit of $7,000. How much does Jenna owe to the IRS for taxes? Do not round Intermediate calculations. Round your answer to the nearest cent
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