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Whats the marriage benefit? In 2022, Jasmine and Thomas, a married couple, had taxable income of $155,000, If they were to file separate tax returns,
Whats the marriage benefit?
In 2022, Jasmine and Thomas, a married couple, had taxable income of $155,000, If they were to file separate tax returns, Jasmine would have reported taxable income of $145,000 and Thomas would have reported taxable income of $10,000. Use Tax Rate What is the couple's marriage penalty or benefit? Note: Do not round intermediate calculations. Round your final answer to the nearest whole dollar. Schedule Y-2-Married Filing Separately \begin{tabular}{|c|c|c|} \hline If taxable income is over: & But not over: & \multicolumn{1}{|c|}{ The tax is: } \\ \hline$10 & $10,275 & 10% of taxable income \\ \hline$10,275 & $41,775 & $1,027,50 plus 12% of the excess over $10,275 \\ \hline$41,775 & $89,075 & $4,807,50 plus 22% of the excess over $41,775 \\ \hline$89,075 & $170,050 & $15,213,50 plus 24% of the excess over $89,075 \\ \hline$170,050 & $215,950 & $34,647,50 plus 32% of the excess over $170,050 \\ \hline$215,950 & $323,925 & $49,335.50 plus 35% of the excess over $215,950 \\ \hline$323,925 & & $87,126.75 plus 37% of the excess over $323,925 \\ \hline \end{tabular} Step by Step Solution
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