FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Clark and his wife, Lois, have both been working full-time jobs as teachers, one making $34560 and the other $44950. They have been debating about whether they should file jointly or separately.

Calculate their total federal income tax if they file jointly. Do not consider deductions or exemptions.

$

Calculate their total federal income tax if they file separately. Do not consider deductions or exemptions.

$

O MATH-102-M001: Q x
A MATH-102-M001: Q X
9 Tax Information
* Log In | Course Hero x
O [ Helping ] Course H X
b Homework Help and X
+
ロ
A iscontent.byu.edu/Canvas/MATH-102/MATH-102-M001/HTML/TaxInformationPage.html
Update :
Tax Information
Tax Rates
TAX
SINGLE, MARRIED AND
FILING SEPARATELY
MARRIED AND FILING
RATE
JOINTLY
10%
$0 to $9,275
$0 to $18,550
15%
$9,276 to $37,650
$18,551 to $75,300
25%
$37,651 to $91,150
$75,301 to $151,900
28%
$91,151 to $190,150
$151,901 to $231,450
33%
$190,151 to $413,350
$231,451 to $413,350
35%
$413,351 to $415,050
$413,351 to $466,950
39.6%
$415,051 and up
$466,951 and up
Deductions
SINGLE STANDARD TAX
MARRIED, FILING JOINTLY STANDARD
Tax DEDUCTION
DEDUCTION
$6,300
$12,600
Exemptions
PERSONAL EXEMPTION AMOUNT
$4,050
Donalties
10:47 PM
O Type here to search
へ G )
4/25/2021
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Transcribed Image Text:O MATH-102-M001: Q x A MATH-102-M001: Q X 9 Tax Information * Log In | Course Hero x O [ Helping ] Course H X b Homework Help and X + ロ A iscontent.byu.edu/Canvas/MATH-102/MATH-102-M001/HTML/TaxInformationPage.html Update : Tax Information Tax Rates TAX SINGLE, MARRIED AND FILING SEPARATELY MARRIED AND FILING RATE JOINTLY 10% $0 to $9,275 $0 to $18,550 15% $9,276 to $37,650 $18,551 to $75,300 25% $37,651 to $91,150 $75,301 to $151,900 28% $91,151 to $190,150 $151,901 to $231,450 33% $190,151 to $413,350 $231,451 to $413,350 35% $413,351 to $415,050 $413,351 to $466,950 39.6% $415,051 and up $466,951 and up Deductions SINGLE STANDARD TAX MARRIED, FILING JOINTLY STANDARD Tax DEDUCTION DEDUCTION $6,300 $12,600 Exemptions PERSONAL EXEMPTION AMOUNT $4,050 Donalties 10:47 PM O Type here to search へ G ) 4/25/2021
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