Gabriella and Steve have adjusted gross incomes of $48,500 and $32,900, 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 | $6,100 | $12,200 |
Exemptions Per person | $3,900 | $3,900 |
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. No
B. Yes
a. $8317
In this Gabriella owed 5328.75 and Steve 2988.75. after include both above amount reached. Standard deduction and exemption per person given seperatly.
b. $8903
In this both income have been included and standard deduction and per person exemption given 12500 and 300 respectively.
c. No
Gabriella and Steve have adjusted gross incomes of $48,500 and $32,900, respectively. Assume that each person...
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