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Harold and Wanda (married filing jointly) have $30,000 ordinary income after the standard deduction and personal exemption, and $50,000 in unrecaptured depreciation of the sale
Harold and Wanda (married filing jointly) have $30,000 ordinary income after the standard deduction and personal exemption, and $50,000 in unrecaptured depreciation of the sale of rental property, for total taxable income of $80,000. For 2014, the 10 percent tax bracket for married taxpayers filing jointly ends at $18,150, the next $55,650 in taxable income is taxed at 15% and 25% applies to the next $75,050. What is Harold and Wanda's tax?
A, $7,500
B. $11,093
C. $11,713
D. $16,093
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