Assume a married couple, filing jointly has $90,000 of joint income - one partner (A) has $55,000 of income while partner (B) has $35,000. They have $2,000 of dividend income, $500 of interest income, and a $3,000 capital gain. Both partners employers match up to 3% of their 410k contributions (3% of income). A contributes 4% while B contributes 3%. B also receives $10,000 in child support per year. A pays into a family health insurance plan (employer provided) that requires $1,500 a month in premiums. They have two children aged 5 and 7. They also have a $200,000 mortgage at 3% interest, give $3,000 a year to charity, pay $5,000 a year in property taxes and have $4,000 in un-reimbursed medical expenses.

• Calculate their AGI, Federal Income taxes due (after determining to take the standard deduction or itemize), calculate their combined social security and medicare taxes and calculate their combined take home pay, assuming their withholding equals their federal tax liability. Use the attached tax schedule for 2019 - MFJ.

Tax Schedule for 2019:

Individual Income Tax Brackets and Rates Single 2019: Marginal Rate At Least | But not Over Pay to 9,700.00 39,475.00 84,200.00 160,725.00 204,100.00 to to to to to over 9,700.00 39,475.00 84,200.00 160,725.00 204,100.00 510,300.00 510,300.00 970.00 4,543.00 14,382.50 32,748.50 46,628.50 153,798.50 plus plus plus plus plus plus plus 10.00% 12.00% 22.00% 24.00% 32.00% 35.00% 37.00% of the amount over of the amount over of the amount over of the amount over of the amount over of the amount over of the amount over 9,700.00 39,475.00 84,200.00 160,725.00 204,100.00 510,300.00 Married Filing Jointly 2019: Marginal Rate At Least But not Over Pav to plus 19,400.00 78,950.00 168,400.00 321,450.00 408,200.00 to to to to to over 19,400.00 78,950.00 168,400.00 321,450.00 408,200.00 612,350.00 612,350.00 1,940.00 9,086.00 28,765.00 65,497.00 93,257.00 164,709.50 plus plus plus plus plus plus 10.00% 12.00% 22.00% 24.00% 32.00% 35.00% 37.00% of the amount over of the amount over of the amount over of the amount over of the amount over of the amount over of the amount over 19,400.00 78,950.00 168,400.00 321,450.00 408,200.00 612,350.00 Individual Income Tax Brackets and Rates Single 2019: Marginal Rate At Least | But not Over Pay to 9,700.00 39,475.00 84,200.00 160,725.00 204,100.00 to to to to to over 9,700.00 39,475.00 84,200.00 160,725.00 204,100.00 510,300.00 510,300.00 970.00 4,543.00 14,382.50 32,748.50 46,628.50 153,798.50 plus plus plus plus plus plus plus 10.00% 12.00% 22.00% 24.00% 32.00% 35.00% 37.00% of the amount over of the amount over of the amount over of the amount over of the amount over of the amount over of the amount over 9,700.00 39,475.00 84,200.00 160,725.00 204,100.00 510,300.00 Married Filing Jointly 2019: Marginal Rate At Least But not Over Pav to plus 19,400.00 78,950.00 168,400.00 321,450.00 408,200.00 to to to to to over 19,400.00 78,950.00 168,400.00 321,450.00 408,200.00 612,350.00 612,350.00 1,940.00 9,086.00 28,765.00 65,497.00 93,257.00 164,709.50 plus plus plus plus plus plus 10.00% 12.00% 22.00% 24.00% 32.00% 35.00% 37.00% of the amount over of the amount over of the amount over of the amount over of the amount over of the amount over of the amount over 19,400.00 78,950.00 168,400.00 321,450.00 408,200.00 612,350.00