For this question, assume that John and Sue Smith (discussed previously) had determined their taxable income...
For this question, assume that John and Sue Smith (discussed previously) had determined their taxable income for the year to be $225,000. Using the tax tables in chapter 3 (these are calendar year 2015 tax tables used for taxes to be paid by April 15, 2016), what is their federal tax liability?
Group of answer choices
$50,051.50
$43,387.50
$39,844.00
$51,209.00
Homework Answers
Answer is a. $50051.50
| $ - | $ 18,450 | 10% | $ 18,450 | $ 1,845.00 |
| $ 18,450 | $ 74,900 | 15% | $ 56,450 | $ 8,467.50 |
| $ 74,900 | $ 151,200 | 25% | $ 76,300 | $ 19,075.00 |
| $ 151,200 | $ 225,000 | 28% | $ 73,800 | $ 20,664.00 |
| $ 50,051.50 |
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