Alan and Sara Winthrop are a married couple who file a joint income tax return. They...
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Alan and Sara Winthrop are a married couple who file a joint income tax return. They have two children, and they have legitimate itemized deductions totaling $26,000. Their total income from wages is $155,200. Assume the following tax table is applicable: Married Couples Filing Joint Returns If Your Taxable O Income Is Up to $19,750 $19,750-$80,250 O $80,250-$171,050 O $326,600- $414,700 $171,050- $326,600 $414,700- O $622,050 O O O You Pay This Amount on the Base of the Bracket $0.00 1,975.00 9,235.00 29,211.00 Over $622,050 What is their average tax rate? a: 16.57% b. 7.15% c. 15,48% d. 11.69% e. 22.00% 66,543.00 94,735.00 167,307.50 Plus This Percentage on the Excess over the Base 10.0% 12.0 22.0 24.0 32.0 35.0 37.0 Average Tax Rate at Top of Bracket 10.0% 11.5 17.1 20.4 22.8 26.9 37.0 Alan and Sara Winthrop are a married couple who file a joint income tax return. They have two children, and they have legitimate itemized deductions totaling $26,000. Their total income from wages is $155,200. Assume the following tax table is applicable: Married Couples Filing Joint Returns If Your Taxable Income is Up to $19,750 $19,750-$80,250 $80,250-$171,050 $171,050- $326,600 O $326,600- $414,700 $414,700 O$622,050 O You Pay This Amount on the Base of the Bracket $0.00 1,975.00 9,235.00 29,211.00 66,543.00 a. 16.57% b. 7.15% c. 15.48% Over $622,050 What is their average tax rate? d. 11.69% e. 22.00% 94,735.00 167,307.50 Plus This Percentage on the Excess over the Base 10.0% 12.0 22.0 24,0 32.0 35.0 37.0 Average Tax Rate at Top of Bracket 10.0% 11.5 17.1 20,4 22.8 26.9 37.0 Alan and Sara Winthrop are a married couple who file a joint income tax return. They have two children, and they have legitimate itemized deductions totaling $26,000. Their total income from wages is $155,200. Assume the following tax table is applicable: Married Couples Filing Joint Returns If Your Taxable O Income Is Up to $19,750 $19,750-$80,250 O $80,250-$171,050 O $326,600- $414,700 $171,050- $326,600 $414,700- O $622,050 O O O You Pay This Amount on the Base of the Bracket $0.00 1,975.00 9,235.00 29,211.00 Over $622,050 What is their average tax rate? a: 16.57% b. 7.15% c. 15,48% d. 11.69% e. 22.00% 66,543.00 94,735.00 167,307.50 Plus This Percentage on the Excess over the Base 10.0% 12.0 22.0 24.0 32.0 35.0 37.0 Average Tax Rate at Top of Bracket 10.0% 11.5 17.1 20.4 22.8 26.9 37.0 Alan and Sara Winthrop are a married couple who file a joint income tax return. They have two children, and they have legitimate itemized deductions totaling $26,000. Their total income from wages is $155,200. Assume the following tax table is applicable: Married Couples Filing Joint Returns If Your Taxable Income is Up to $19,750 $19,750-$80,250 $80,250-$171,050 $171,050- $326,600 O $326,600- $414,700 $414,700 O$622,050 O You Pay This Amount on the Base of the Bracket $0.00 1,975.00 9,235.00 29,211.00 66,543.00 a. 16.57% b. 7.15% c. 15.48% Over $622,050 What is their average tax rate? d. 11.69% e. 22.00% 94,735.00 167,307.50 Plus This Percentage on the Excess over the Base 10.0% 12.0 22.0 24,0 32.0 35.0 37.0 Average Tax Rate at Top of Bracket 10.0% 11.5 17.1 20,4 22.8 26.9 37.0
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Step 1 Calculation of Taxable Income particulars Amount Gross Income 24260... View the full answer
Related Book For
Taxation For Decision Makers 2014
ISBN: 9781118654545
6th Edition
Authors: Shirley Dennis Escoffier, Karen Fortin
Posted Date:
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