.

Requirement b. What is the tax savings if the residence is acquired? (Do not round intermediary calculations. Only round the amounts you input in the cells to the nearest cent.) Tax without purchase of personal residence $ 96,088.50 Tax with purchase of personal residence 69,174.00 Tax savings 26,914.50 $ Jill and George are married and file a joint return. They expect to have $420,000 of taxable income in the next year and are considering whether to purchase a personal residence that would provide additional tax deductions of $42,000 for mortgage interest and real estate taxes. (Click the icon to view the 2021 tax rate schedule for the Married filing jointly filing status.) Read the requirements. Married, Filing Joint and Surviving Spouse If taxable income is: The tax is: Not over $19,900 . 10% of taxable income. Over $19,900 but not over $81,050 ... $1,990.00 + 12% of the excess over $19,900. Over $81,050 but not over $172,750 .. $9,328.00 + 22% of the excess over $81,050. Over $172,750 but not over $329,850 $29,502.00 + 24% of the excess over $172,750. Over $329,850 but not over $418,850 $67,206.00 + 32% of the excess over $329,850. Over $418,850 but not over $628,300 .. $95,686.00 + 35% of the excess over $418,850. Over $628,300 $168,993.50 + 37% of the excess over $628,300. Print Done