Answered step by step
Verified Expert Solution
Question
1 Approved Answer
A married couple with one child have a combined income of $60,000. Calculate their taxes using standard deductions for married couples ($27,700) that are filing
A married couple with one child have a combined income of $60,000. Calculate their taxes using standard deductions for married couples ($27,700) that are filing jointly. Use the "Married Filling Jointly" table below. Make it a whole number with no decimals/cents or comma. Example: XXXX
Married $22,000 or less 10% of the taxable income $22,001 to $89,450$2,200 plus 12% of the amount over $22,000 $89,451 to $190,750$10,294 plus 22% of the amount over $89,450 $190,751 to $364,200$32,580 plus 24% of the amount over $190,750 $364,201 to $462,500$74,208 plus 32% of the amount over $364,200 $462,501 to $693,750$105,664 plus 35% of the amount over $462,500 $693,751 or more $186,601.50 plus 37% of the amount over $693,750 Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started