Question

Kevin and Laura are married and file a joint tax return. Together, their taxable income is $101,000. How much will they pay i

0 0
Add a comment Improve this question Transcribed image text
Answer #1

ANSWER:-

Taxable Income =$101000

Tax Rate Taxable Income($) Calculation Amount($)

1

10% 0 - 19400 $19400 * 10% 1940

2

12% 19401 - 78950 ($78950 - $19400) * 12% 7146
3 22% 78951- 168400 ($101000- $78950) * 22% 4851

The amount of taxes they will pay

1+2+3 13937

THANK YOU, if any queries please leave your valuable comment on comment box.

Add a comment
Know the answer?
Add Answer to:
Kevin and Laura are married and file a joint tax return. Together, their taxable income is...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • 1a) 1B) Kevin and Laura are married and file a joint tax return. Together, their taxable...

    1a) 1B) Kevin and Laura are married and file a joint tax return. Together, their taxable income is $101,000. How much will they pay in taxes? (Round answers to O decimal place, e.g. 5275.) The amount of taxes they will pay is $ We were unable to transcribe this image

  • ANSWER IS NOT $13,937.00 Kevin and Laura are married and file a joint tax return. Together,...

    ANSWER IS NOT $13,937.00 Kevin and Laura are married and file a joint tax return. Together, their taxable income is $101,000. How much will they pay in taxes? (Round answers to O decimal place, e.g. 5275.) The amount of taxes they will pay is $ 13937

  • Amy and Ethan are married and file a joint return for 2020. Their taxable income is...

    Amy and Ethan are married and file a joint return for 2020. Their taxable income is $192,100. The amount of their tax liability, rounded to the nearest dollar, is $

  • Susan and Stan Britton are a married couple who file a joint income tax return, where...

    Susan and Stan Britton are a married couple who file a joint income tax return, where the tax rates are based on the tax table 3.5. Assume that their taxable income this year was $280,000. Round your answers to two decimal places. What is their federal tax liability? $ What is their marginal tax rate? % What is their average tax rate? %

  • Susan and Stan Britton are a married couple who file a joint income tax return, where...

    Susan and Stan Britton are a married couple who file a joint income tax return, where the tax rates are based on the tax table 3.5. Assume that their taxable income this year was $364,000. Do not round intermediate calculation. What is their federal tax liability? Round your answer to the nearest dollar. $   What is their marginal tax rate? Round your answer to the nearest whole number.      % What is their average tax rate? Round your answer to two...

  • Mike and Julie Bedard are a working couple. They will file a joint income tax return....

    Mike and Julie Bedard are a working couple. They will file a joint income tax return. This year they have the following taxable income: 1. 5121,000 from salary and wages (ordinary income). 2. S3,000 in interest income 3. $1,000 in dividend income 4. 55,000 in profit from sale of a stock they purchased 2 years ago 5. 51,000 in profit from a stock they purchased this year and sold this year Use the federal income tax rates given in Table...

  • Susan and Stan Britton are a married couple who file a joint income tax return, where...

    Susan and Stan Britton are a married couple who file a joint income tax return, where the tax rates are based on the tax table 3.5. Assume that their taxable income this year was $435,000. Do not round intermediate calculation. What is their federal tax liability? Round your answer to the nearest dollar. $   What is their marginal tax rate? Round your answer to the nearest whole number.      % What is their average tax rate? Round your answer to two...

  • Amelia and Elliott are married and file a joint return for 2018. Their taxable income is...

    Amelia and Elliott are married and file a joint return for 2018. Their taxable income is $108,300. What is the amount of their tax liability, using the tax rate schedule provided, assuming they have no capital gains or qualified dividends? Click the answer you think is right. $21,328 $29,366 $23,304 $15,705 Schedule Y-1-Married Filing Jointly or Qualifying Widower) If taxable income is over: But not over: The tax is: 0 $ 19,050 10% of taxable income $ 19.050 $ 77,400...

  • Mike and Julie Bedard are a working couple. They will file a joint income tax return....

    Mike and Julie Bedard are a working couple. They will file a joint income tax return. This year they have the following taxable​ income: 1. ​$121,000 from salary and wages​ (ordinary income).2. ​$4,000 in interest income.3. ​$1,000 in dividend income.4. ​$4,000 in profit from sale of a stock they purchased two years ago.5. ​$5,000 in profit from a stock they purchased this year and sold this year.Use the federal income tax rates given in Table​ 1.2, LOADING... ​, to work...

  • Alan and Sara Winthrop are a married couple who file a joint income tax return. They...

    Alan and Sara Winthrop are a married couple who file a joint income tax return. They have two children, so they claim a total of 4 exemptions ($4,050 for each exemption). In addition, they have legitimate itemized deductions totaling $25,750. Their total income from wages is $213,500. Assume the following tax table is applicable: Married couples Filing Joint Returns Average Tax Rate at Top of Bracket 10.0% 13.8 You Pay This Plus This Percentage on If Your Taxable Amount on...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT