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During 2018, the Smiths and the Joneses both filed joint tax returns. For the tax year ended December 31. 2018, the Simiths'taxable income was $133,000,
During 2018, the Smiths and the Joneses both filed joint tax returns. For the tax year ended December 31. 2018, the Simiths'taxable income was $133,000, and the Jones had total taxable income of $66,500. a. Using the federal tax rates given in Table 1.2. . for married couples filing joint returns, calculate the taxes for both the Smiths and the Joneses. b. Calculate and compare the ratio of the Smith's' to the Joneses' laxable income and the ratio of the Smiths' to the Joneses' taxes. What does this demonstrate about the federal income tax structure? a. Using the federal tax rates given in Table 12 for married couples filing joint returns, the taxes for the Smiths is (Round to the nearest dollar:) Data table (Click the icon here in order to copy the contents of the data table below into a spreadsheet) TABLE 1.2: Tax Rates and Income Brackets for . Inint Poturne
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