2013 Individual Tax Rates Single Individuals If Your Taxable Income Is Up to $8,

Question

2013 Individual Tax Rates Single Individuals If Your Taxable Income Is Up to $8,925 $8,925 - $36,250 $36,250 $87,850 $87,850 $183,250 $183,250 $398,350 $398,350 $400,000 Over $400,000 You Pay This Amount on the Base of the Bracket $0 892.50 4,991.25 17,891.2!5 44,603.25 115,586.25 116,163.75 Plus This Percentage on the Excess over the Base (Marginal Rate) 10.0% 15.0 25.0 28.0 33.0 35.0 39.6 Average Tax Rate at Top of Bracket 10.0% 13.8 20.4 24.3 29.0 29.0 39.6 Standard deduction for individual: $6,100

Explanation / Answer

Calculation of Taxes As Jenna is single , so for her individual tax rates will apply. Jenna Taxable Income is as under Wages $1,33,000.00 Long term Capital Gain $7,300.00 Less : Standard deduction $6,100.00 Taxable Income $1,34,200.00 So tax bracket applicable is = $87850 to $183250 Income Tax Tax on Income (other than Long term Capital gain) $1,26,900.00 $28,825.25 Tax on Long term capital gain (@ 15%) $7,300.00 $1,095.00 Total $1,34,200.00 $29,920.25 Jenna owe to the IRS for taxes = $29920.25

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