Calculate the values for each household and determine the amount they owe or will be refunded. Use the 2022 tax tables provided in the class video notes for this section. They can also be found on the last page of this assignment. 2022 Tax Year Dakota and Avery (no children) Letitia (2 children) Joshua (3 children) Filing Status Married Filing Jointly Single (Single means she is not claiming her kids on her return, another parent is) Head of Household Adjusted $93,700 $42,600 Gross Income Itemized $17,200 $5,700 $38,200 $7,800 Deductions Standard Deduction Should they take the standard or itemized deduction? Taxable Income Taxes Calculation using Tax Bracket Table Tax Credits $0 $426 $2,049 Tax Amount after Credits Federal Taxes $14,570 $4,230 $3,850 Withheld Federal Tax Owed or Refund 2022 Tax Tables Head of Household Tax Brackets 2022 Filing Status Standard Deduction for Tax Year 2022 Tax Taxable income rate bracket Tax owed 10% $0 to $14,650 10% of taxable income Single $12,950 Married Filing $25,900 12% $14,651 to $55,900 Jointly Married Filing $12,950 Separately Head of $18,000 Household Qualifying $19,400 Widower 'Single' Tax Brackets 2022 22% $55,901 to $89,050 24% $89,051 to $170,050 32% $170,051 to $215,950 35% $215,951 to $539,900 37% $539,901 or more $1,465 plus 12% of the amount over $14,650 $6,415 plus 22% of the amount over $55,900 $13,708 plus 24% of the amount over $89,050 $33,148 plus 32% of the amount over $170,050 $47,836 plus 35% of the amount over $215,950 $161,218.50 plus 37% of the amount over $539,900 Tax Taxable Tax owed rate income bracket 'Married Filing Jointly' Tax Brackets 2022 10% $0 to $10,275 10% of taxable income Tax Taxable Tax owed rate income 12% $10,276 to $1,027.50 plus 12% of the bracket $41,775 amount over $10,275 10% 22% $41,776 to $4,807.50 plus 22% of the $0 to $20,550 10% of taxable income $89,075 amount over $41,775 12% $20,551 to $2,055 plus 12% of the 24% $89,076 to $15,213.50 plus 24% of $83,550 amount over $20,550 $170,050 the amount over $89,075 22% $83,551 to $9,615 plus 22% of the 32% $170,051 to $215,950 $34,647.50 plus 32% of $178,150 amount over $83,550 the amount over $170,050 24% $178,151 $30,427 plus 24% of the 35% $215,951 to $539,900 $49,335.50 plus 35% of to amount over $178,150 the amount over $215,950 $340,100 37% $539,901 or $162,718 plus 37% of the 32% $340,101 more amount over $539,900 to $69,295 plus 32% of the amount over $340,100 $431,900 35% $431,901 $98,671 plus 35% of the to amount over $431,900 $647,850 37% $647,851 $174,253.50 plus 37% of or more the amount over $647,850