Alan and Sara Winthrop are a married couple who file a joint income tax return. They have two children, and they have legitimate itemized deductions totaling $26,000. Their total income from wages is$278,600. Assume the following tax table is applicable:Married Couples Filing Joint ReturnsIf Your TaxableIncome IsUp to $19,750$19,750-$80,250$80,250-$171,050$171,050-$326,600$326,600-$414,700$414,700-$622,050You Pay This Amount on Plus This Percentage onthe Base of the Bracket the Excess over the Base10.0%12.022.024.0Over $622,050What is their average tax rate?$0.001,975.009,235.0029,211.0066,543.0094,735.00167,307.5032.035.037.0Average Tax Rate at Topof Bracket10.0%11.517.120.422.826.937.0

The objective of this question is to calculate the average tax rate for Alan and Sara Winthrop based…

Answered: Alan and Sara Winthrop are a married…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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