Find the amount of taxable income and the tax owed for the following people. The letter following the name indicates the marital status and all married people are filing jointly. Use $4050 for each personal exemption; $6300 as the standard deduction for single taxpayers, $12,600 for married taxpayers filing jointly, and $9300 for head of household and the following tax rate schedule.
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Question

Find the amount of taxable income and the tax owed for the following people. The letter following the name indicates the marital status and all married people are filing jointly. Use $4050 for each personal exemption; $6300 as the standard deduction for single taxpayers, $12,600 for married taxpayers filing jointly, and $9300 for head of household and the following tax rate schedule. 
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Quizplus · Accepted Answer

For single taxpayer: 
Taxable income = Gross income - personal exemption - standard deduction 
For married filing jointly: 
Taxable income = Gross income - 2 x personal exemption - standard deduction

A) Single taxpayer:
Taxable income = 35,000 - 4,050 - 6,300 = 24,650 
Tax owed = 3,468.75
Incorrect answer

B) Single taxpayer: 
Taxable income = 25,000 - 4,050 - 6,300 = 14,650 
Tax owed = 1,384 + 0.15(14,650 - 9,325) = 2,184.50
Correct answer

C) Head of household: 
Taxable income = 29,800 - 4,050 - 9,300 = 16,450 
Tax owed = 1,882 + 0.15(16,450 - 9,325) = $2,667.70 
Incorrect answer

D) Married filing jointly: 
Taxable income = 48,000 - 2 x 4,050 - 12,600 = 27,300 
Tax owed = 3,075 + 0.15(27,300 - 18,650) = 2,905.75 
Incorrect answer

Find the Amount of Taxable Income and the Tax Owed