(1) nicol's 2013 income was $ 51,309. she is single and claims 2 exemptions and take the standard deducation. the 2013 tax exemption is $ 3,900 and the standard deduction for someone who is single is $ 6,100 . if nicole's tax braket is 25% and her tax is $ 4991.25+ 25% of the taxable income exceeding $36,250 . what is the total tax she owes for 2013 ?  (a) $4792.48 (b) $5975.75 (c) $5699.50 (d) $5700.00 (e) $5281.00

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
icon
Related questions
Question

(1) nicol's 2013 income was $ 51,309. she is single and claims 2 exemptions and take the standard deducation. the 2013 tax exemption is $ 3,900 and the standard deduction for someone who is single is $ 6,100 . if nicole's tax braket is 25% and her tax is $ 4991.25+ 25% of the taxable income exceeding $36,250 . what is the total tax she owes for 2013 ? 

(a) $4792.48

(b) $5975.75

(c) $5699.50

(d) $5700.00

(e) $5281.00

Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Tax Rates
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
Economics
ISBN:
9780190931919
Author:
NEWNAN
Publisher:
Oxford University Press
Principles of Economics (12th Edition)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education