5. A married couple filing jointly has taxable income of $280,000. Use the tax table (provide below) to calculate the amount of federal income tax that they will be required to pay. I want you to do this to learn (I'm not worried about grading), so let me be clear as to how you use a table like this. The first $19,900 will be taxed at 10 % (i.e., $1,990 of tax). The next $61,150 will be taxed at 12% (the $61,150 is every dollar from 19,901 through $81,050). This comes out to $7,338 of tax. You keep going until you reach $280K and you add up all those amounts. That's the tax on $280K. 2021 Federal Income Tax Brackets and Rates for Single Filers, Married Couples Filing Jointly, and Heads of Households For Married Individuals Filing Joint For Heads of Returns Rate For Single Individuals 10% Up to $9,950 Up to $19,900 12% $9,951 to $40, 525 $19,901 to $81,050 Households Up to $14,200 $14,201 to $54,200 22% $40,526 to $81,051 to $172,750 $54,201 to $86,375 $86,350 24% $86,376 to $172,751 to $329,850 $86,351 to $164,925 32% $164,926 to $329,851 to $418,850 $209,425 35% $209,426 to $523,600 $418, 851 to $628,300 37% $523,601 or more $628, 301 or more $164,900 $164,901 to $209,400 $209,401 to $523,600 $523,601 or more Source: Internal Revenue Service