Kim and Kayne have been dating for years and are now thinking about getting married. As a financially sophisticated couple, they want to think through the tax implications of their potential union. a. Suppose Kim and Kanye both earn $67,000 (so their combined income is $134,000) Using the tax bracket information EEB, calculate the combined tax bill that they would pay if they remain single, and compare that to the taxes they would pay if they were married and filed a joint return. b. Now suppose that Kim and Kanye both eam $104,000 (so their combined income is $208,000). Calculate the combined tax bill that they would pay if they remain single, and compare that to the taxes that they would pay if they were married and filed a joint return. c. What differences do you find in parts (a) and (b)? What is the cause of these differences? TABLE 1.2: Federal Income Tax Rates and Brackets for Individual and Joint Returns (Due by April 15, 2015) Taxable Income Tax Ratess Individual Returns Joint Returns 10.0% $0 to $9,075 $0 to $18,150 $9,076 to $36,900 $18,151 to $73,800 15.0% $36,901 to $89,350 $89,351 to $186,350 $186,351 to $405,100 $73,801 to $148,850 $148,851 to $226,850 $226,851 to $405,100 259% 28.0% 33.0% $405,101 to $406,750 Over $406,750 350 $405,101 to $457,600 Over $457,600 395%