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1.Grace and Prince are married filing jointly. Their combined income is currently $98,000. Both have received raises totaling $8,500. If the cut-off between the 25%
1.Grace and Prince are married filing jointly. Their combined income is currently $98,000. Both have received raises totaling $8,500. If the cut-off between the 25% and 28% tax bracket is $101,500, how much more will they pay in taxes?
2.Grace's gross income this year is $29,550. His employer withholds $55 per month to pay for his health insurance premium, and another $60 per month toward his retirement fund. Since he is single he qualifies for a $12,000 standard deduction. What is his taxable income?
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