How much does Jenna owe to the IRS for taxes?

You Pay T Show more PART ONE: 2013 Individual Tax Rates PART ONE: 2013 Individual Tax Rates PART ONE: 2013 Individual Tax Rates PART ONE: 2013 Individual Tax Rates Single Individuals Single Individuals Single Individuals Single Individuals If Your Taxable Income Is You Pay This Amount on the Base of the Bracket Plus This Percentage on the Excess over the Base (Marginal Rate) Average Tax Rate at Top of Bracket Up to $8925 $0 10.0% 10.0% $8925 $36250 892.50 15.0 13.8 $36250 $87850 4991.25 25.0 20.4 $87850 $183250 17891.25 28.0 24.3 $183250 $398350 44603.25 33.0 29.0 $398350 $400000 115586.25 35.0 29.0 Over $400000 116163.75 39.6 39.6 Standard deduction for individual: $6100 Married Couples Filing Joint Returns Married Couples Filing Joint Returns Married Couples Filing Joint Returns Married Couples Filing Joint Returns If Your Taxable Income Is You Pay This Amount on the Base of the Bracket Plus This Percentage on the Excess over the Base (Marginal Rate) Average Tax Rate at Top of Bracket Up to $17850 $0 10.0% 10.0% $17850 $72500 1785.00 15.0 13.8 $72500 $146400 9982.50 25.0 19.4 $146400 $223050 28457.50 28.0 22.4 $223050 $398350 49919.50 33.0 27.1 $398350 $450000 107768.50 35.0 28.0 Over $450000 125846.00 39.6 39.6 Standard deduction for married couples filing jointly: $12200 Quantitative Problem: Jenna is a single taxpayer with no dependents so she qualifies for one personal exemption. During 2013 she earned wages of $105000. She doesnt itemize deductions so she will take the standard deduction and her personal exemption to calculate 2013 taxable income. In addition during the year she sold common stock that she had owned for five years for a net profit of $7900. How much does Jenna owe to the IRS for taxes? Round your intermediated and final answers to the nearest cent. PART TWO: 2013 Corporate Tax Rates 2013 Corporate Tax Rates 2013 Corporate Tax Rates 2013 Corporate Tax Rates If Your Taxable Income Is You Pay This Amount on the Base of the Bracket Plus This Percentage on the Excess over the Base (Marginal Rate) Average Tax Rate at Top of Bracket Up to $50000 $0 15.0% 15.0% $50000 $75000 7500 25.0 18.3 $75000 $100000 13750 34.0 22.3 $100000 $335000 22250 39.0 34.0 $335000 $10000000 113900 34.0 34.0 $10000000 $15000000 3400000 35.0 34.3 $15000000 $18333333 5150000 38.0 35.0 Over $18333333 6416667 35.0 35.0 Quantitative Problem: Andrews Corporation has income from operations of $230000. In addition it received interest income of $23000 and received dividend income of $32900 from another corporation. Finally it paid $10000 of interest income to its bondholders and paid $41100 of dividends to its common stockholders. Using the 2013 corporate tax schedule what is the firms federal income tax? Round your intermediated and final answers to the nearest cent. Show less

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