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Joanne and John are married with 4 children. They are filing taxes jointly. They have a gross income of $159,147, and they made the following
Joanne and John are married with 4 children. They are filing taxes jointly. They have a gross income of $159,147, and they made the following tax-deductible purchases:
Charitable contributions: $2,660 Medical expenses: $9,375 Student loan interest: $1,158
Compute their final income tax using the information below.
Round your answer to the nearest dollar.
Standard deduction for married filers: $24400
Married Individuals Filing Joint Returns and Surviving Spouses If Taxable income Is Between: The Tax Due is: 0 - $19,400 10% of taxable income $19,401 - $78,950 $1,940 + 12% of the amount over $19,400 $78,951 - $168,400 $9,086 + 22% of the amount over $78,950 $168,401 - $321,450 $28,765 +24% of the amount over $168,400 $65,497 + 32% of the amount over $321,400 $321,451 - $408,200 $408,201 - $612,350 $93,257 + 35% of the amount over $408,200 $612,351 + $164,709.50 + 37% of the amount over $612,350Step by Step Solution
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