Use Schedule Y-1 to answer the questions below. a. What is the tax for taxpayers filing jointly
Question:
Use Schedule Y-1 to answer the questions below.
a. What is the tax for taxpayers filing jointly with a combined taxable income of $134,786?
b. A married couple’s tax is approximately $30,000. What is their approximate taxable income?
Transcribed Image Text:
Schedule Y-1-If your filing status is Married filing jointly or Qualifying widow(er) If your taxable The tax is: income is: Over- $0 18,450 74,900 151,200 230,450 411,500 464,850 But not over- $18,450 74,900 151,200 230,450 411,500 464,850 10% $1,845.00 + 15% 10,312.50 + 25% 29,387.50 +28% 51,577.50 + 33% 111,324.00 + 35% 129,996.50 +39.6% ‒‒‒‒‒‒‒‒ of the amount over- $0 18,450 74,900 151,200 230,450 411,500 464,850
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a According to Schedule Y1 if the combined taxable income of a married couple filing jointly is 134786 then their tax would be calculated as follows T...View the full answer
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Related Book For
Financial Algebra Advanced Algebra With Financial Applications
ISBN: 9781337271790
2nd Edition
Authors: Robert Gerver, Richard J. Sgroi
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