In 2014, Lisa and Fred, a married couple, have taxable income of $390,000.If they were to file separate tax returns, Lisa would have reported taxable income of $207,500 and Fred would have reported taxable income of $182,500.Use Tax Rate Schedule for reference.

What is the couple's marriage penalty or benefit and how much is it

2014 tax rate schedule INSERT 1 Schedule X- Single If taxable income - is over: But not over: $0 $9,075 $9,075 $36,900 $36 900 $89 350 $89,350 $186,350 $186,350 $405,100 $405 100 $406 750 $406,750 The tax is: 10% of taxable income $907.50 plus 15% of the excess over $9,075 $5,081.25 plus 25% of the excess over $36,900 $18,193.75 plus 28% of the excess over $89,350 $45,353.75 plus 33% of the excess over $186,350 $117,541.25 lus 35% of the excess over $405,100 $118,118.75 plus 39.6% of the excess over $406,750 Schedule Y-1-Married Filin. Jointl of Qualifying Widow(er) If taxable income - is over: But not over: $0 $18,150 $18,150 $73,800 $73,800 $148,850 $148,850 $226,850 $226,850 $405,100 $405,100 $457,600 $457,600 -- The tax is: 10% of taxable income $1,815.00 plus 15% of the excess over $18,150 $10,162.50 plus 25% of the excess over $73,800 $28,925.00 plus 28% of the excess over $148,850 $50,765.00 plus 33% of the excess over $226,850 $109,587.50 plus 35% of the excess over $405,100 $127,962.50 plus 39.6% of the excess over $457,600 If taxable income is over: Schedule Z-Head of Household $127,550 $206,600 $432,2 00 Schedule V-2- Married Filin. If taxable income is over: $0 $12,950 $12,950 $49,400 $49 400 $127 550 $206,600 $405,100 Se - a rately $0 $9,075 $9,075 $36,900 $36,900 $74,425 $74,425 $113,425 $113,425 $202,550 $202,550 $223,300 $223,300 . The tax is: 10% of taxable income $1,295.00 plus 15% of the excess over $12,950 $6,762.50 plus 25% of the excess over $49,400 $26,300.00 plus 28% of the excess over $127,550 $48,434.00 plus 33% of the excess over $206,600 $113,939.00 plus 35% of the excess over $405,100 $123,424.00 plus 39.6% of the excess over $432,200 The tax is: 10% of taxable income $907.50 plus 15% of the excess over $9,075 $5,081.25 plus 25% of the excess over $36,900 $14,462.50 plus 28% of the excess over $74,425 $25,382.50 plus 33% of the excess over $113,425 $54,793.75 plus 35% of the excess over $202,550 $63,981.25 plus 39.6% of the excess over $228,800 2013 Amount 2014 Amount $12,200 $12,400 $12,200 $12,400 $5,100 $6,200 $3,950 $9.100 $5,100 $6.200 Amount of Each Additional Standard Deduction 2013 Amount 2014 Amount Married taXuayers 65 or over or blind $1,200 Single taxpayer or head of household _ who is 65 or over or blind $1,500 $1,550 Personal and Dependency Exemption 2013 2014 Exemption Exemption $3,900 $3,950