Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Use the charts below to answer the following questions. 2022 Standard Deductions Single Filers $12,950 Married Couples Filing Separately $12,950 Married Couples Filing Jointly $25,900

Use the charts below to answer the following questions.

2022 Standard Deductions

Single Filers

$12,950

Married Couples Filing Separately

$12,950

Married Couples Filing Jointly

$25,900

Heads of Households

$19,400

Surviving Spouses

$25,900

2022 Federal Tax Brackets

Tax Rate

Single Filers

Married Filing Jointly

Head of Household

10%

Up to $10,275

Up to $20,550

Up to $14,650

12%

$10,276 to $41,775

$20,551 to $83,550

$14,651 to $55,900

22%

$41,776 to $89,075

$83,551 to $178,150

$55,901 to $89,050

24%

$89,076 to $170,050

$178,151 to $340,100

$89,051 to $170,050

32%

$170,051 to $215,950

$340,101 to $431,900

$170,051 to $215,950

35%

$215,951 to $539,900

$431,901 to $647,850

$215,951 to $539,900

37%

Over $539,900

Over $647,850

Over $539,900

Miguel and his wife are married and file taxes jointly. Together, they make $96,300 annually. What is their effective tax rate?

Group of answer choices

11.5%

8.3%

22%

15.8%

Jaime earns $56,000 annually. She is a single filer. What is her taxable income, assuming she has no above-the-line deductions??

Group of answer choices

$56,000

$43,050

$36,600

$30,100

Carlos and his partner are married and file taxes jointly. Together, they make $87,000 annually. What is their marginal tax rate?

Group of answer choices

12%

22%

24%

10%

Kiara is filing as the head of household. She makes $127,000 annually. What is the total amount of federal income taxes that she will owe?

Group of answer choices

$18,160.00

$30,480.00

$25,824.00

$24,315.50

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

Key Concepts In Primary Science Audit And Subject Knowledge

Authors: Vivian Cooke, Colin Howard

1st Edition

1910391506, 978-1910391501

More Books

Students also viewed these Accounting questions

Question

Why do mergers and acquisitions have such an impact on employees?

Answered: 1 week ago

Question

2. Describe the functions of communication

Answered: 1 week ago