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. |
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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 $
(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?
a) Single | b) Married - Joint | ||
Rebecca | Steve | ||
AGI | $ 47,600 | $ 33,200 | $ 80,800 |
Standard Deduction | $ 6,100 | $ 6,100 | $ 12,200 |
Personal Exemption | $ 3,900 | $ 3,900 | $ 7,800 |
Taxable Income | $ 37,600 | $ 23,200 | $ 60,800 |
Tax Liability | $ 5,329 | $ 3,034 | |
The couple owes | $ 8,363 | $ 3,540 | |
c) YES |
Tax Liability | ||
Rebecca | (8925*10%)+(36250-8925)*15%+(37600-36250)*25% | $ 5,329 |
Steve | (8925*10%)+(23200-8925)*15% | $ 3,034 |
Joint | 17850*10%+(72500-60800)*15% | $ 3,540 |
Rebecca and Steve have adjusted gross incomes of $47,600 and $33,200, respectively. Assume that each person...
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