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Kim and Kayne have been dating for years and are now thinking about getting martied. As a financially sophisticated couple, they want to think through

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Kim and Kayne have been dating for years and are now thinking about getting martied. As a financially sophisticated couple, they want to think through the tax implications of their potential imion a. Suppose Kim and Kanye both earn $72,000 (so their combined income is $144,000 ). Uning the tax bracket information calculate the combined tax bill that they would pay if they remain single, and compore that to the taxes they would pay if they were married and fled a joint return. b. Now suppose that Kim and Kanye both earn $398,000 ( 50 their combined income is $796,000 ). Calculate the combined tax bil that they would pay if they remain single, and compare that to the taxes that they would pay if they were married and fled a joint feturn. c. What diflenences do you find in parts (a) and (b)? What is the cause of these differences? Data table TABLE 1.2: Federal Income Tax Rates and Brackets for Individual Returns (2018)

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