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Paris and Tristan are married and file jointly. Assume that their employers withheld $33,366 of federal income tax from their paychecks. Assume that Paris
Paris and Tristan are married and file jointly. Assume that their employers withheld $33,366 of federal income tax from their paychecks. Assume that Paris and Tristan's taxable income is $200,000, including $7,200 of net capital gain. Given this taxable income, and the facts above, please enter how much tax is due with the couple's return. For your convenience, the MFJ schedule is below. The 2020 standard deduction amount for married filing jointly is $24,800. Assume the applicable capital gain tax rate is 15%. If TI is over: But not over: the tax is: $0 $19,750 = 10% of taxable income. $19,750 $80,250 = $1,975 + 12% of amount over $19,750 $80,250 $171,050 = $9,235 + 22% of amount over $80,250 $171,050 $326,600 = $29,211 + 24% of amount over $171,050 $326,600 $414,700 $414,701 $622,050 $622,050 No limit You Answered 3,873 Correct Answer 2,145 margin of error / 1 $66,543 + 32% of amount over $326,600 = $94,735 + 35% of amount over $414,700 $167.307.50 + 37% of amount over $622,050
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