Posted: September 14th, 2017

income tax owed

TAX RATE     SINGLE     MARRIED
10 % Up to $8025 Up to $8025
15% $8026 to $32,550 $8026 to $32,550
25% $32,551 to $78,850 $32,551 to $65,725
28% $78,851 to $164,550 $65,726 to $100,150
33% $164,551 to $357,700 $100,151 to $178,850
35% More than $357,700     More than $178,850
Standard Deduction $5450     $5450
Exemptions $3500 $3500

Use the marginal tax rates in the table to calculate the income tax owed by the following person. Single male, no dependents.

Gross income: $79,000

Deductions:
$30,000 mortgage interest
$4957 property taxes
$1000 charitable contributions
Tax credit: none

The income tax owed is $_____.
(Round to two decimal places as needed.)

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