Question
John and Susan are a couple but not yet married. The are contemplating the tax effects of getting married. John earns $210,000 and Susan earns
John and Susan are a couple but not yet married. The are contemplating the tax effects of getting married. John earns $210,000 and Susan earns $15,000. Ignore itemized deductions and possible children. You can refer to the text for standard deduction and tax rates or to instructions to Form 1040
John | Susan | Combined | John | Susan | |||
Earns | $ 210,000 | $ 15,000 | $ 225,000 | $ 210,000 | $ 15,000 | ||
A | B | A+B | C | D | E | D+E | |
John Single | Susan Single | John and Susan are NOT MARRIED. What is there combined tax? | John/Susan Married Filing Jointly (MFJ) | John - Married Filing Separately (MFS) | Susan - Married Filing Separately (MFS) | Combined John/Susan MFS | |
Standard deduction |
|
| NA |
|
|
| NA |
Taxable Income |
|
| NA |
|
|
| NA |
Tax |
|
|
|
|
|
|
|
Show calculations below | NA | NA |
II. Show tax calculations (for columns A, B, C, D, E (2 points)
A1. Copy and paste tables used Remember to use 2018 tables
|
A2. Show calculations You can use any format, including Excel files, as long as they are easy to read. Example you can use a different style, as long as I can follow your calculations:
Taxable Income |
|
Tax on first |
|
Tax (per table, marginal rate 24%) |
|
Tax on Remaining taxable income of |
|
Tax (marginal rate 32%) |
|
Total Tax |
|
III. Comment on what you have learned (1 point; maximum of 0.5 for mediocre work to get 1.0 it must be interesting enough to be publishable in a newspaper).
|
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started