2018 Individual Tax Rates Single Individuals Plus This Percentage on the Excess over the Base (Marginal Rate) 10.0% 12.0

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2018 Individual Tax Rates Single Individuals Plus This Percentage On The Excess Over The Base Marginal Rate 10 0 12 0 1 (341.18 KiB) Viewed 41 times

2018 Individual Tax Rates Single Individuals Plus This Percentage on the Excess over the Base (Marginal Rate) 10.0% 12.0 22.0 24.0 32.0 35.0 37.0 Married Couples Filing Joint Returns Average Tax If Your Taxable You Pay This Amount on the Base of the Bracket Rate at Top of Bracket Income Is Up to $9,525 $0 10.0% $9,525 $38,700 952.50 11.5 $38,700 $82,500 4,453.50 17.1 $82,500 $157,500 14,089.50 20.4 $157,500 $200,000 32,089.50 22.8 $200,000 - $500,000 45,689.50 30.1 Over $500,000 150,689.50 37.0 Standard deduction for individual: $12,000 Average Tax If Your Taxable You Pay This Amount on the Base of the Bracket Rate at Plus This Percentage on the Excess over the Base (Marginal Rate) 10.0% Income Is Top of Bracket 10.0% $0 1,905.00 12.0 11.5 Up to $19,050 $19,050 - $77,400 $77,400 - $165,000 $165,000 $315,000 8,907.00 22.0 17.1 28,179.00 24.0 20.4 $315,000 $400,000 64,179.00 32.0 22.8 $400,000 $600,000 91,379.00 35.0 26.9 Over $600,000 161,379.00 37.0 37.0 Standard deduction for married couples filing jointly: $24,000 Quantitative Problem: Jenna is a single taxpayer. During 2018, she earned wages of $129,000. 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 $6,700. How much does Jenna owe to the IRS for taxes? Do not round intermediate calculations. Round your answer to the nearest cent. $