Tax Return Calculation #1 BUS 121 - Name Last 4 of CUNYFirst ID Jamal and Hope have gathered all the information to file their income tax return for the year. They calculate income to be $95,000. Adjustments to income include Hope's $6,000 deductible contribution to Hope's $6,000 deductible contribution to her retirement account and Jamal's $9,000 business expenses. Their item A U UU business expenses. Their itemized deductions total $22.000. Hope had her employer withhold $4,000 Tederal income tax from her paychecks over the vear Jamal paid estimated taxes for his business quarterly, when totaled $2,700 for the year. Using the 2019 tax tables (not the outdated tables and rates from the textbook), answer the following questions a) Do Hope and Jamal owe taxes, or will they receive a tax refund from the Federal Government? How much? b) What is their marginal income tax bracket? c) What is their average tax rate? LU c on Ad -Itemized or Standard Deduction - Taxable income Other The - Total Tax - Previous Payments - Tax Refund or Amount You Owe Standard Deduction Single Standard Deductions Filing Status Standard Deduction Amount 12,200 24,400 Married Filing Jointly & Surviving Spouse 12,200 Married Filing Separately 18,350 Head of Household Federal Income Tax Rates Taxable income Tax rate Married Filing Jointly Single 10% $0 to $9,700 12% 59,700 to $39,475 50 to $19,400 $19,400 to $78,950 $78,950 to $168,400 $168,400 to $321,450 $321,450 to $408,200 22% 539,475 to $84,200 $84,200 to $160,725 24% 32% $160,725 to $204,100 $408,200 to $612,350 35% $204,100 to $510,300 $612,350 and above $510,300 and above