Rates for a married taxpayer filing separately are 10% of taxable income up to $8,925, and...
Rates for a married taxpayer filing separately are 10% of taxable income up to $8,925, and 15% thereafter up to $36,250. Murry and Ann Phillips are filing separate returns. Murry earned $34,000 this year. He took the standard deduction of $6,100 and exemptions of $3,900 each for himself and the three children. Ann earned $20,000 this year. She took the standard deduction of $6,100 and an exemption of $3,900 for herself.
Compute the amount of tax that the Phillips family owed this year before credits.
Homework Answers
| Particulars | Calculation of Tax for Murray before credits: | Calculation of Tax for Ann Phillips before credits: |
| Earnings | 34000 | 20000 |
| Standard Deductions | 6100 | 6100 |
| Exemption | 3900 | 3900 |
| Adjusted Gross Income | 24000 | 10000 |
| Tax Calculation on Adjusted Gross Income | ||
| Upto $ 8,925 @10% | 892.5 | 892.5 |
| From $8,925 to $36,250 @ 15% | 2261.25 | 161.25 |
| Total Individual Taxes | 3153.75 | 1053.75 |
| Total Tax outgo from the family before credits | 4207.5 | |
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