Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Maria and Ton are married. They are preparing to file their 2022 tax return. If they were to file as single taxpayers, Maria and Tony

Maria and Ton are married. They are preparing to file their 2022 tax return. If they were to file as single taxpayers, Maria and Tony would report $70.000 and $10,000 of taxable income, respectively. On their joint tax return, their taxable income is $80,000. How much of a marriage penalty or benefit will Maria and Tony experience in 2022?

image text in transcribed
image text in transcribed
2022 Tax Rate Schedules Individuals Schedule Z-Head of Household \begin{tabular}{|c|c|c|} \hline If taxable income is over: & But not over: & \multicolumn{1}{|c|}{ The tax is: } \\ \hline$$14,650 & 10% of taxable income \\ \hline$14,650 & $55,900 & $1,465 plus 12% of the excess over $14,650 \\ \hline$55,900 & $89,050 & $6,415 plus 22% of the excess over $55,900 \\ \hline$89,050 & $170,050 & $13,708 plus 24% of the excess over $89,050 \\ \hline$170,050 & $215,950 & $33,148 plus 32% of the excess over $170,050 \\ \hline$215,950 & $539,900 & $47,836 plus 35% of the excess over $215,950 \\ \hline$539,900 & - & $161,218.50 plus 37% of the excess over $539,900 \\ \hline \end{tabular} Schedule Y-2-Married Filing Separately \begin{tabular}{|c|c|c|} \hline If taxable income is over & But not over: & The tax is: \\ \hline 0 & $10,275 & 10% of taxable income \\ \hline$10,275 & S 41,775 - & $1,027.50 plus 12% of the excess over $10,275 \\ \hline \$ 41,775 & S 89,075 & $4,807,50 plus 22% of the excess over $41,775 \\ \hline S 89,075 & $170.050 & $15,213,50 plus 24% of the excess over $89,075 \\ \hline$170.050 & $215,950 & $34,647.50 plus 32% of the excess over $170,050 \\ \hline$215,950 & $323,925 & $49,335.50 plus 35% of the excess over $215,950 \\ \hline$323,925 & - & $87,126.75 plus 37% of the excess over $323,925 \\ \hline \end{tabular}

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

Step: 3

blur-text-image

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

Operational Review Maximum Results At Efficient Costs

Authors: Rob Reider

3rd Edition

0471228109, 978-0471228103

More Books

Students also viewed these Accounting questions

Question

What is an event study?

Answered: 1 week ago