Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

In 2022, Jasmine and Thomas, a married couple, had taxable income of $162,000. If they were to file separate tax returns, Jasmine would have reported

In 2022, Jasmine and Thomas, a married couple, had taxable income of $162,000. If they were to file separate tax returns, Jasmine would have reported taxable income of $152,000 and Thomas would have reported taxable income of $10,000. Use Tax Rate Schedule for reference.

What is the couple's marriage penalty or benefit?

Note: Do not round intermediate calculations. Round your final answer to the nearest whole dollar.

image text in transcribedimage text in transcribed

In 2022, Jasmine and Thomas, a married couple, had taxable income of $162,000. If they were to file separate tax returns, Jasmine would have reported taxable income of $152,000 and Thomas would have reported taxable income of $10,000. Use Tax Rate Schedule for reference. What is the couple's marriage penalty or benefit? Note: Do not round intermediate calculations. Round your final answer to the nearest whole dollar. Schedule Y-2-Married Filing Separately \begin{tabular}{|c|c|l|} \hline If taxable income is over: & But not over: & \multicolumn{1}{|c|}{ The tax is: } \\ \hline$10 & $10,275 & 10% of taxable income \\ \hline$10,275 & $41,775 & $1,027.50 plus 12% of the excess over $10,275 \\ \hline$41,775 & $89,075 & $4,807.50 plus 22% of the excess over $41,775 \\ \hline$89,075 & $170,050 & $15,213.50 plus 24% of the excess over $89,075 \\ \hline$170,050 & $215,950 & $34,647.50 plus 32% of the excess over $170,050 \\ \hline$215,950 & $323,925 & $49,335.50 plus 35% of the excess over $215,950 \\ \hline$323,925 & - & $87,126.75 plus 37% of the excess over $323,925 \\ \hline \end{tabular}

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started