Max and Jo are married, and together they have a taxable income of $60,000. The tax brackets
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Question:
Max and Jo are married, and together they have a taxable income of $60,000. The tax brackets and tax rates are as follows: $0-$19,050: 10% $19,050-$77,400: 12% $77,400-$165,000: 22%
How much tax should Max and Jo pay?
A. $6,819
B. $7,200
C. $1,905
D. $4,914
2. George contributes $1,500 to his own retirement savings accounts during the year.
How does this impact George's tax due?
A.George's tax due increases as he is eligible for a nonrefundable tax credit of $2,000.
B. George's tax due increases as he is eligible for a refundable tax credit of $2,000.
C. George's tax due reduces as he is eligible for a nonrefundable tax credit of $1,000.
D. George's tax due reduces as he is eligible for a refundable tax credit of $1,000.
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