Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Question 2 If a married couple has a taxable income of $100,000, what is their federal tax owed? (use the appropriate tax table in your
Question 2 If a married couple has a taxable income of $100,000, what is their federal tax owed? (use the appropriate tax table in your textbook) Selected Answer: X 15317.05 Correct Answer: 13,879 Answer range +/- 100 (13779 - 13979) Response Feedback: Be sure to use Tax Table 12A-1b on page 453 TABLE 12A-1b 2018 Tax Rate Schedule, Filing Status Is Married Filing Jointly Taxable income Tax Rate $0 to $19,050 10% $19,051 to $77,400 $1905.00 plus 12% of the amount over $19,050 $77,401 to $165,000 $8907.00 plus 22% of the amount over $77,400 $165,001 to $315,000 $28,179.00 plus 24% of the amount over $165,000 $315,001 to $400,000 $64,179.00 plus 32% of the amount over $315,000 $400,001 to $600,000 $91,379.00 plus 35% of the amount over $400,000 $600,001 or more $161,379.00 plus 37% of the amount over $600,000 Note: Tables are also available for unmarried individual with dependent relatives ("head of household) and married taxpayers filing separately. Note: Two other tables are available
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started