Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Jaylen and Zan are married, filing jointly. Their total adjusted gross income was $91,000 and they qualified for the standard deduction of $24,000. Use the

Jaylen and Zan are married, filing jointly. Their total adjusted gross income was $91,000 and they qualified for the standard deduction of $24,000. Use the following 2018 tax rate schedule to calculate their 2018 federal income tax. If your filing status is married, filing jointly or surviving spouses: and taxable income is more than: but not over: your tax is: $0 $19,050 10% OF the taxable income $19,050 $77,400 $77,400 $165,000 $165,000 $315,000 $315,000 $400,000 $400,000 $600,000 $1905 plus 12% of the excess over $19,050 $8907 plus 22% of the excess over $77,400 $28,179 plus 24% of the excess over $165,000 $64,179 plus 32% of the excess over $315,000 $91,379 plus 35% of the excess over $400,000 $600,000 $161,379 plus 37% OF THE AMOUNT OVER $600,000 Jaylen and Zan's 2018 Federal income tax is: $ (Round to the nearest dollar.) What is Jaylen and Zan's effective tax rate? [Tax paid divided by taxable income] (Write as a percent, rounded to one decimal place.) L

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_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

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

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions

Question

=+2 How can the effectiveness of global virtual teams be improved?

Answered: 1 week ago

Question

=+1 What are the major issues related to international T&D?

Answered: 1 week ago