Use the marginal tax rates in the table below to compute the tax owed in the following situation. Winona and Jim are married filing jointly, with a taxable income of $332,000. They are entitled to a $7000 tax credit. Tax Rate 10% 15% 25% 28% 33% 35% 39.6% Standard deduction Exemption per person) Married Filing Jointly up to $18,650 up to $75,900 up to $153,100 up to $233,350 up to $416,700 up to $470.700 above $470,700 $12,700 $4050 The tax owed is $ (Type an integer or a decimal.)
Use the marginal tax rates in the table below to compute the tax owed in the following situation. Winona and Jim are married filing jointly, with a taxable income of $332,000. They are entitled to a $7000 tax credit. Tax Rate 10% 15% 25% 28% 33% 35% 39.6% Standard deduction Exemption per person) Married Filing Jointly up to $18,650 up to $75,900 up to $153,100 up to $233,350 up to $416,700 up to $470.700 above $470,700 $12,700 $4050 The tax owed is $ (Type an integer or a decimal.)
Chapter3: Tax Formula And Tax Determination : An Overview Of Property Transactions
Section: Chapter Questions
Problem 21CE: Compute the 2019 standard deduction for the following taxpayers. a. Ellie is 15 and claimed as a...
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Transcribed Image Text:Use the marginal tax rates in the table below to compute the tax owed in the following situation.
Winona and Jim are married filing jointly, with a taxable income of $332,000. They are entitled to a
$7000 tax credit.
Tax Rate
10%
15%
25%
28%
33%
35%
39.6%
Standard deduction
Exemption
(per person)
Married Filing
Jointly
up to $18,650
up to $75,900
up to $153,100
up to $233,350
up to $416,700
up to $470,700
above $470,700
$12,700
$4050
The tax owed is $.
(Type an integer or a decimal.)
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