Question

X 8.2.11 2016 Marginal Tax Rates Use the 2016 marginal tax rates to compute the tax owed by the following couple A married couple fling jointly with a taxable income of $300,000 and a $7500 tax credit 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) Tax Rate 10% 15% 255 28 Unmarried, divorced, Married and each partner Married and both Unmarried and paying or legally separated files a separate tax return partners file a single more than half the cost tax return of supporting a child or parent Single Married Filing Separately Married Fling Jointly Head of Household up to $9275 up to $9275 up to $18.550 up to $13.250 $9278 to $37,650 59278 to $37.650 $18.551 to $75,300 $13.251 to $50.400 $37,651 to 501,150 $37,651 to $75,950 $75 301 to $15.000 $50,401 to $130,150 $91,151 to $100,150 $75,951 to $115,725 $151,901 to $231450 3130,151 to $210.800 $190,151 to 5413350 $115,726 to $206.675 $231.451 to $413.350 $210.801 to $413.550 $413,351 to $415.050 $206.675 10 5233,475 5413,351 to $400,950 $413,351 to $441,000 more than $415.050 more than $233.475 more than $406.950 more than $441,000 $8300 $6300 $12.000 $9300 300% Standard Deduction Exemptions per person $4050 $4050 $4050 54050 Print Done Enter your answer in the answer box and then click Check Answer All parts showing Clear 45 PM

Answer 1

Taxable Income $300,000

Regular Taxes$ $74,413

Total Tax with Credits $74,413

Marginal Tax Rate 33%

Tax Pre-payments $7,500

Tax Amount Owe                  $66,913

Calculation of tax
Married Joint Filers	Rate	Income	Tax
$0 to $18,550	10%	$18,550	$1,855
$18,550 to $75,300	15%	$56,750	$8,512.5
$75,300 to $151,900	25%	$76,600	$19,150
$151,900 to $231,450	28%	$79,550	$22,274
$231,450 to $413,350	33%	$68,550	$22,621.5
$413,350 to $466,950	35%
$466,950+	39.6%
Total		$300,000	$74,413