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Daniel and Sarah are a married couple, filing join. Their Gross Income for the year is...

Daniel and Sarah are a married couple, filing join. Their Gross Income for the year is $120,000 and adjustments and deductions to their gross income on their tax return total $55,000.

First Calculate Daniel and Sarah Taxable Income and then calculate Daniel and Sarah's tax due for 2019.

What is their tax liability? Round up!!

Rate table for Married Filing Joint:

0-9% - on income below $45,000

15% - on income up to $75,000

20% - on income up to $125,000

25% - on income over $125,000

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Answer #1
Calculate taxable income
Gross income $120,000
Less: Deduction and adjustment $55,000
Taxable income $65,000
Calculate tax liability
0-45000 $45,000 (45000-0) 9% $4,050
45000-75000 $20,000 (65000-45000) 15% $3,000
Tax liability $7,050
Thus, tax liability is $7,050
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