and Melania, a married couple who file a joint return, are ages 53 and 41 respectively....

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Question

and Melania, a married couple who file a joint return, are ages 53 and 41 respectively. Neither is blind. They have two child How much is Donald and Melanias income tax liability for 2020? a) $10,240 b) $20,180 c) $14,240 d) $24,580 e) $18,800

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Answer 1

Answer #1

Ans C is correct option

$14240

Income tax liability for 2020 is $14240

Calculated following:-

Tax rate - Taxable income bracket - Tax owed

10% - $0 to $19,750 - 10% of taxable income

12% - $19,751 to $80,250$ - 1,975 plus 12% of the amount over $19,750

22% - $80,251 to $171,050 - $9,235 plus 22% of the amount over $80,250

24% - $171,051 to $326,600 - $29,211 plus 24% of the amount over $171,050

32%. - $326,601 to $414,700 - $66,543 plus 32% of the amount over $326,600

35%. - $414,701 to $622,050. - $94,735 plus 35% of the amount over $414,700

37%. - $622,051 or more. - $167,307.50 plus 37% of the amount over $622,050

Taxable income is 103000, then tax is $9235 + 22% on$22750= $14240

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Answer 2

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