In 2018, Lisa and Fred, a married couple, had taxable income of $337,500. If they were to file separate tax returns, Lisa would have reported taxable income of $137,500 and Fred would have reported taxable income of $200,000. Use Tax Rate Schedule for reference. What is the couple’s marriage penalty or benefit? (Do not round intermediate calculations.)

In 2018, Lisa and Fred, a married couple, had taxable income of $337,500. If they were to file separate tax returns, Lisa would have reported taxable income of $137,500 and Fred would have reported taxable income of $200,000. Use Tax Rate Schedule for reference. What is the couple’s marriage penalty or benefit? (Do not round intermediate calculations.)

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter9: Deductions: Employee And Self-employed-related Expenses

Section: Chapter Questions

Problem 1DQ

See similar textbooks

Similar questions

Compute the 2019 AMT exemption for the following taxpayers. a. Bristol, who is single, reports AMTI of 650,000. b. Marley and Naila are married and file a joint tax return. Their AMTI is 1,528,000.
Arlen is required by his 2019 divorce agreement to pay alimony of $2,000 a month and child support of $ 2,000 a month to his ex-wife Jane. What is the tax treatment of these two payments for Arlen? What is the tax treatment of these two payments for Jane? Arlen_______________________________________________________________________________________________________________________________________________ Jane_______________________________________________________________________________________________________________________________________________
Phillis and Trey are married and file a joint tax return. For 2019, they have 4,800 of nonbusiness capital gains, 2,300 of nonbusiness capital losses, 500 of interest income, and no itemized deductions. The standard deduction for married filing jointly is 24,400. Based on these transactions, to arrive at the NOL, Phillis and Treys taxable income must be adjusted by what amount?
Ulysses and Penelope are married and file separate returns for 2019. Penelope itemizes her deductions on her return. Ulysses' adjusted gross income was $17,400, his itemized deductions were $2,250. Neither have any dependents. Calculate Ulysses' income tax liability assuming the couple does not live in a community property state. $___________