a)
Gabriella | Roberto | |
Adjusted Income | $ 46,500 | $ 32,700 |
Less: | ||
Standard Deduction | $ 6,100 | $ 6,100 |
Exemption | $ 3,900 | $ 3,900 |
Taxable Income | $ 36,500 | $ 22,700 |
Tax | $ 5,054 | $ 2,959 |
Total Tax Owed | $ 8,013 | |
Calculation: | ||
Up to $8925 @ 10% | $ 892.50 | |
$8926 to $36250 @ 15% | $ 4,098.75 | |
$36251 to $36500 @ 25% | $ 62.50 | |
$ 5,054 | ||
Up to $8925 @ 10% | $ 892.50 | |
$8926 to $22700 @ 15% | $ 2,066.25 | |
$ 2,959 |
--
b) If they file joint return
Adjusted Income | |
Gabriella | $ 46,500 |
Roberto | $ 32,700 |
Total | $ 79,200 |
Less: | |
Standard Deduction | $12200 |
Exemption | $7800 |
Taxable Income | $ 59,200 |
Total Tax Owed | $ 7,988 |
Calculation: | |
Up to $17850 @ 10% | $ 1,785.00 |
$17851 to $59200 @ 15% | $ 6,202.50 |
$ 7,988 |
--
c)
No.
They will get some tax bonus if they marry before the end of the year.
ie: $8,013 less $7,988
Gabriella and Roberto have adjusted gross incomes of $46,500 and $32,700, respectively. Assume that each person...
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Rebecca and Steve have adjusted gross incomes of $47,600 and $33,200, respectively. Assume that each person takes one exemption and the standard deduction. Answer parts (a) through (c) below. Tax Rate Single Married Filing Jointly 10% up to $8,925 up to $17,850 15% up to $36,250 up to $72,500 25% up to $87,850 up to $146,400 28% up to $183,250 up to $223,050 Standard Deduction $6100 $12,200 Exemptions (per person) $3900 $3900 a. Calculate the tax owed by the couple...
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Mia and Todd have adjusted gross incomes of $46,700 and $32,600 respectively. Assume that each person takes one exemption and the standard deduction. Tax Rate Single Married Filing Jointly 10% up to $8,925 up to $17,850 15% up to $36,250 up to $72,500 25% up to $87,850 up to $146,400 28% up to $183,250 up to $223,050 Standard Deduction $6100 $12,200 Exemptions (per person) $3900 $3900 Answer parts (a) through (c) below. Calculate the tax owed by the couple if...
Mia and Michael have adjusted gross incomes of $47,600 and $33,600, respectively. Assume that each person takes one exemption and the standard deduction. Answer parts (a) through (c) below. Married Filing Tax Rate Single Jointly 10% up to $8,925 up to $17,850 15% up to $36,250 up to $72.500 25% up to $87,850 up to $146,400 28% up to $183,250 up to $223.050 Standard $6100 $12.200 Deduction Exemptions $3900 3900 (per person) a. Calculate the tax owed by the couple...
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Gabriella and Roberto who are engaged to be married, each have an adjusted gross income of $189,000. Assume each person takes one exemption and the standard deduction. Answer the questions below using the tax table to the right. Tax Rate Single Filing jointly 10% up to $8,925 $17,850 15% up to $36,250 $72,500 25% up to $87,850 up to $146,400 28% up to $183,250 up to $223,050 33% up to $398,350 up to $398,350 standard deductions $6100 $12,200 exemption per...