Consider the following couple, who are engaged to be married. Assume that each person takes one exemption and the standard deduction. Answer the questions below using the tax rates in the table to the right. Rebecca and Roberto have adjusted gross incomes of $96,000 and $82,600, respectively. Tax Rate Single Married Filing Jointly 10% up to $9325 up to $18,650 15% up to $37,950 up to $75,900 25% up to $91,900 up to $153,100 28% up to $191,650 up to $233,350 33% up to $416,700 up to $416,700 35% up to $418,400 up to $470,700 39.6% above $418,400 above $470,700 Standard deduction $6350 $12,700 Exemption (per person) $4050 $4050 Calculate their income tax if they delay their marriage until next year so they can file their tax returns as individuals at the single tax rate this year. Their income tax would be $____
Consider the following couple, who are engaged to be married. Assume that each person takes one exemption and the standard deduction. Answer the questions below using the tax rates in the table to the right. Rebecca and Roberto have adjusted gross incomes of $96,000 and $82,600, respectively. Tax Rate Single Married Filing Jointly 10% up to $9325 up to $18,650 15% up to $37,950 up to $75,900 25% up to $91,900 up to $153,100 28% up to $191,650 up to $233,350 33% up to $416,700 up to $416,700 35% up to $418,400 up to $470,700 39.6% above $418,400 above $470,700 Standard deduction $6350 $12,700 Exemption (per person) $4050 $4050 Calculate their income tax if they delay their marriage until next year so they can file their tax returns as individuals at the single tax rate this year. Their income tax would be $____
Chapter8: Taxation Of Individuals
Section: Chapter Questions
Problem 29P: Arthur and Cora are married and have 2 dependent children. They have a gross income of 95,000. Their...
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Question
Consider the following couple, who are engaged to be married. Assume that each person takes one exemption and the standard deduction. Answer the questions below using the tax rates in the table to the right.
Rebecca and Roberto have adjusted gross incomes of $96,000
and $82,600, respectively.|
Tax Rate
|
Single
|
Married Filing Jointly
|
||
|---|---|---|---|---|
|
10%
|
|
up to $9325
|
|
up to $18,650
|
|
15%
|
|
up to $37,950
|
|
up to $75,900
|
|
25%
|
|
up to $91,900
|
|
up to $153,100
|
|
28%
|
|
up to $191,650
|
|
up to $233,350
|
|
33%
|
|
up to $416,700
|
|
up to $416,700
|
|
35%
|
|
up to $418,400
|
|
up to $470,700
|
|
39.6%
|
|
above $418,400
|
|
above $470,700
|
|
Standard deduction
|
|
$6350
|
|
$12,700
|
|
Exemption
(per person)
|
|
$4050
|
|
$4050
|
Calculate their income tax if they delay their marriage until next year so they can file their tax returns as individuals at the single tax rate this year.
Their income tax would be $____.
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