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A married couple with 3 children is filing taxes jointly. They have a gross income of $272,196, and they made the following tax-deductible purchases:
A married couple with 3 children is filing taxes jointly. They have a gross income of $272,196, and they made the following tax-deductible purchases: Charitable contributions: $8,488 Medical expenses: $2,864 Mortgage interest: $5,145 Compute their final income tax using the following information: 2021 Married Individuals Filing Joint Returns and Surviving Spouses If Taxable Income is Between: $0-$19,900 $19,901 - $81,050 $81,051-$172,750 $172,751-$329,850 $329,851 $418,850 $418,851-$628,300 $628,301 or more Round your answer to the nearest dollar. The Tax Due is: 10% of taxable income $1,990 plus 12% of the amount over $19,900 $9,328 plus 22% of the amount over $81,050 $29,502 plus 24% of the amount over $172,750 $67,206 plus 32% of the amount over $329,850 $95,686 plus 35% of the amount over $418,850 $168,993.50 plus 37% of the amount over $628,300 Recall the standard deduction for married filers: $25,100
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