Question
Married Taxpayers Filing Single Taxpayers Joint Returns Tax Rate (%) 0-9,950 0-19,900 10% 9,950-40,525 19,900-81,050 12% 40,525-86,375 81,050-172,750 22% 86,375-164,925 172,750-329,850 24% 164,925-209,425 329,850-418,850 32%
Married Taxpayers Filing Single Taxpayers Joint Returns Tax Rate (%) 0-9,950 0-19,900 10% 9,950-40,525 19,900-81,050 12% 40,525-86,375 81,050-172,750 22% 86,375-164,925 172,750-329,850 24% 164,925-209,425 329,850-418,850 32% 209,425-523,600 418,850-628,300 35% 523,600 and above 628,300 and above 37%
Taxable Income ($) | ||
Single Taxpayers | Married Taxpayers Filing Joint Returns | Tax Rate (%) |
0–9,950 | 0–19,900 | 10% |
9,950–40,525 | 19,900–81,050 | 12% |
40,525–86,375 | 81,050–172,750 | 22% |
86,375–164,925 | 172,750–329,850 | 24% |
164,925–209,425 | 329,850–418,850 | 32% |
209,425–523,600 | 418,850–628,300 | 35% |
523,600 and above | 628,300 and above | 37% |
A married couple earned $95,000 in 2022. How much did they pay in taxes? (Use the tax rates presented in Table 3.6.)
Note: Do not round intermediate calculations.
What was their marginal tax bracket?
What was their average tax bracket?
Note: Enter your answer as a percent rounded to 2 decimal places
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Here are the personal tax rates for 2022 based on taxable income for both single and married taxpaye...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