Question

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 Single Tax Rate 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 if they delay their marriage until next year so they can each file a tax return at the single tax rate this year. The couple owes : (Simplify your answer. Round to the nearest dollar as needed.) b. Calculate the tax owed by the couple if they marry before the end of the year and file a joint return. The couple owes $7. (Simplify your answer. Round to the nearest dollar as needed.) c. Does the couple face a "marriage penalty" if they marry before the end of the year? O O Yes No

Answer 1

Ans! . Giren Guen a data Gross income 47,600 c) Slouderd dewsakon 6160 Babuce = kay 41,500 Exemplious - 3900 Danable Income = 33,600 - Tan on 8925 at the vale 10% = 892.50 (38250 - 89259 99395 @ 15% - 4398.75 (33 600 - 38250) = 4650 @ 25%. = 162.50 5561.95 Gross Income ; 33600 and standard deduction : 6100 27,500 Balance - e Exemptions : 3900 23,600

lan on 8995 of varla of 10 40 - 892.50 Tan On (23600 - 8995) = 14675 @ 15% - 2201 Total = 3093.75 * 5561.25 + 3093.75 : 8655.00 8655.00 Pl they delay their Marriage a) Couples owes 1. Combine income = 47,600 + 33600 = = (-) Sloudlard de duelon 2,200 69.000 personal exemption - 7800 Gobal Income = 61,200 Pax on 17850 of the rate of 10% = 1785.00 Tax on .(61,200 - 17850) = 43.350 @15% = 6502-50 8287.50 b) If they married the couple owes [8287.50 . c) Marring penality is [no]