Use the following table for the problem Tax Rate Schedule 2022 Single If Taxable Income Is The Tax Is Not over $10,275 10 of the taxable income Over $10,275 but not over $41,775 $1,028 plus 12 of the excess over $10,275 Over $41,775 but not over $89,075 $4,808 plus 22 of the excess over $41,775 Over $89,075 but not over $170,050 $15,214 plus 24 of the excess over $89,075 Over $170,050 but not over $215,950 $34,648 plus 32 of the excess over $170,050 Over $215,950 but not over $539,900 $49,336 plus 35 of the excess over $215,950 Over $539,900 $162,718 plus 37 of the excess over $539,900 Married Filing Jointly or Qualifying Widow(er) If Taxable Income Is The Tax Is Not over $20,550 10 of taxable income Over $20,550 but not over $83,550 $2,055, plus 12 of the excess over $20,550 Over $83,550 but not over $178,150 $9,615, plus 22 of the excess over $83,550 Over $178,150 but not over $340,100 $30,427, plus 24 of the excess over $178,150 Over $340,100 but not over $431,900 $69,295, plus 32 of the excess over $340,100 Over $431,900 but not over $647,850 $98,671, plus 35 of the excess over $431,900 Over $647,850 $174,253, plus 37 of the excess over $647,850 Standard Deduction Single $12,950 MFJ $25,900 Additions for age and the blind Single $1,750 MFJ $1,400 Exemption Amount $0 Individuals taxed at Rate Single Taxable income MFJ Taxable Income 0 Up to $44,675 Up to $83,350 15 $41,675 but $459,750 $83,350 but $517,200 20 Over $459,750 Over $517,200 H and W are married and file a joint return for the current year Both are under 65 and have good vision They have one child that is 10 years old H had wages of $125,000 and W had a net loss from her sole proprietorship (Sch C) of ($2,300) They had Long Term Capital gains of $4,000, Qualified Dividends of $1,000, Corporate bond interest of $2,250, and municipal bond interest of $500 In addition, H pays alimony of $5,000 (the agreement was entered into prior to 2018) and a NOL Carryforward of $10,000 They have $12,000 of withholding They have the following expenses related to itemizing deductions ( before any percentage limitations) for the year Medical and dental expenses before floor $14,000 Real estate taxes on their home 6,500 Allowable home mortgage interest 11,000 State income taxes paid 4,000 Charitable contributions 2,000 In the text box, calculate H and W's tax due(refund), marginal tax rate, and effective tax rate (Show tax formula and all calculations)

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Use the following table for the problem: Tax Rate Schedule 2022 Single: If Taxable Income Is: The Tax Is: Not over $10,275 10% of the

Use the following table for the problem:

Tax Rate Schedule 2022
Single:
If Taxable Income Is:	The Tax Is:
Not over $10,275	10% of the taxable income
Over $10,275 but not over $41,775	$1,028 plus 12% of the excess over $10,275
Over $41,775 but not over $89,075	$4,808 plus 22% of the excess over $41,775
Over $89,075 but not over $170,050	$15,214 plus 24% of the excess over $89,075
Over $170,050 but not over $215,950	$34,648 plus 32% of the excess over $170,050
Over $215,950 but not over $539,900	$49,336 plus 35% of the excess over $215,950
Over $539,900	$162,718 plus 37% of the excess over $539,900

Married Filing Jointly or Qualifying Widow(er):
If Taxable Income Is:	The Tax Is:
Not over $20,550	10% of taxable income
Over $20,550 but not over $83,550	$2,055, plus 12% of the excess over $20,550
Over $83,550 but not over $178,150	$9,615, plus 22% of the excess over $83,550
Over $178,150 but not over $340,100	$30,427, plus 24% of the excess over $178,150
Over $340,100 but not over $431,900	$69,295, plus 32% of the excess over $340,100
Over $431,900 but not over $647,850	$98,671, plus 35% of the excess over $431,900
Over $647,850	$174,253, plus 37% of the excess over $647,850


Standard Deduction

Single - $12,950
MFJ - $25,900
Additions for age and the blind
Single - $1,750
MFJ - $1,400

Exemption Amount - $0

Individuals taxed at:
Rate Single Taxable income MFJ Taxable Income
0% Up to $44,675 Up to $83,350
15% > $41,675 but < $459,750 > $83,350 but < $517,200
20% Over $459,750 Over $517,200

H and W are married and file a joint return for the current year. Both are under 65 and have good vision. They have one child that is 10 years old. H had wages of $125,000 and W had a net loss from her sole-proprietorship (Sch.

C) of ($2,300). They had Long-Term Capital gains of $4,000, Qualified Dividends of $1,000, Corporate bond interest of $2,250, and municipal bond interest of $500. In addition, H pays alimony of $5,000 (the agreement was entered into prior to 2018) and a NOL Carryforward of $10,000. They have $12,000 of withholding.

They have the following expenses related to itemizing deductions (before any percentage limitations) for the year:

Medical and dental expenses before floor $14,000 Real estate taxes on their home 6,500 Allowable home mortgage interest 11,000 State income taxes paid 4,000 Charitable contributions 2,000 In the text box, calculate H and W's tax due(refund), marginal tax rate, and effective tax rate. (Show tax formula and all calculations).