Question: Problem 3-7 (LO3.3) Using the tax table, determine the amount of taxes for the following situations: (Do not round intermediate calculations. Round your answers to


Problem 3-7 (LO3.3) Using the tax table, determine the amount of taxes for the following situations: (Do not round intermediate calculations. Round your answers to 2 decimal places.) a. A head of household with taxable income of $59,000. Tax amount b. A single person with taxable income of $36,600. Tax amount c. Married taxpayers filing jointly with taxable income of $72,800. Tax amount Rate on Taxable Income Married Taxpayers Filing Jointly Single Taxpayers Heads of Household 10% Up to $9,325 Up to $18,650 Up to $13,350 $9,326-$37,950 $18,651-$75,900 $13,351-$50,800 28 $37,951-$91,900 $91,901-$191,650 $75,901-$153,100 $153,101-$233,350 $50,801-$131,200 $131,201-$212,500 $191,651-$416,700 $233,351-$416,700 $212,501-$416,700 33 35 $416,701-$418,400 $416,701-$470,700 $416,701-$444,550 39.6 Over $418,401 Over $470,701 Over $444,551
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
