Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

) Standard Deduction Ken earns $56,601 & Amanda earns $84,272 in gross income during 2021. During 2021, Ken placed $5600 of his gross income into

) Standard Deduction Ken earns $56,601 & Amanda earns $84,272 in gross income during 2021. During 2021, Ken placed $5600 of his gross income into a pre-tax retirement account. Amanda placed $2,750 of her gross income in a pre-tax FSA (Flexible Spending Account) for medical expenses. Ken and Amanda are legally married, and they plan to file their taxes together jointly For Part 1, assume this married couple will apply the standard deduction to their joint income First, determine the couple's filing status. Use Tables 1 & 2 below as needed. What is the couple's joint 3) How much will the couple pay in federal income taxes for 2021? 4pts Filing Status Single Married Filing Jointly & Surviving Spouses Married Filing Separately Heads of Household Table 2. Married Filing Jointly Tax Table, 2021: Standard Deduction Amount $12,550 $25,100 $12,550 $18,800 Married Individuals Filing Joint Returns and Surviving Spouses If Taxable Income Is Between: The Tax Due Is: 0-$19,900 $19,901-$81,050 $81,051 - $172,750 $172,751 - $329,850 $329,851 - $418,850 $418,851-$628,300 $628,301 10% of taxable income $1,990 +12% of the amount over $19,900 $9,328 + 22% of the amount over $81,050 $29,502 + 24% of the amount over $172,750 $67,206 +32% of the amount over $329,850 $95,686 + 35% of the amount over $418,850 $168,993.50+ 37% of the amount over $628,300

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_2

Step: 3

blur-text-image_3

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

Cima Official Exam Practice Kit Financial Operations

Authors: Jo Watkins

5th Edition

1856177335, 978-1856177337

More Books

Students also viewed these Accounting questions