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Daniel and Sarah are a married couple, filing join. Their Gross Income for the year is $120,000 and adjustments and deductions to their gross income
Daniel and Sarah are a married couple, filing join. Their Gross Income for the year is $120,000 and adjustments and deductions to their gross income on their tax return total $55,000.
First Calculate Daniel and Sarah Taxable Income and then calculate Daniel and Sarah's tax due for 2019.
What is their tax liability? Round up!!
Rate table for Married Filing Joint:
0-9% - on income below $45,000
15% - on income up to $75,000
20% - on income up to $125,000
25% - on income over $125,000
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