Question

Jorge and Anita, married taxpayers, earn $160,000 in taxable income and $40,000 in interest from an investment in City of Heflin bonds. Using the U.S. tax rate schedule for married filing jointly, how much federal tax will they owe?

Answer 1

Ans:

Using the U.S . tax rate schedule of 2018 married and filled jointly

Tax Rate	Individuals	Married, Filing Jointly
10%	Up to $9,525	Up to $19,050
12%	$9,526 to $38,700	$19,051 to $77,400
22%	$38,701 to $82,500	$77,401 to $165,000

So federal tax is = 10%($19,050)+12%($77,400-$19,051)+22%($160,000-$77,400)

                           =$1,905+$7,002+$18,172

                           = $27,079