Use the marginal tax rates

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Use the marginal tax rates in the table below to compute the tax owed in the following situation. GeneGene is married filing separatelymarried filing separately withwith a taxable income of ?$68,000. Tax Rate Single Married Filing Separately ?10% up to? $8,925 up to? $8,925 ?15% up to? $36,250 up to? $36,250 ?25% up to? $87,850 up to? $73,200 ?28% up to? $183,250 up to? $111,525 ?33% up to? $398,350 up to? $199,175 ?35% up to? $400,000 up to? $400,000 standard deduction ?$6100 ?$6100 exemption? (per person) ?$3900 ?$3900.

Reference no: EM131530841

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