In 2022, Lisa and Fred, a married couple, had taxable income of $305,400. If they were...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
In 2022, Lisa and Fred, a married couple, had taxable income of $305,400. If they were to file separate tax returns, Lisa would have reported taxable income of $127,700 and Fred would have reported taxable income of $177,700. Use Tax Rate Schedule for reference. What is the couple's marriage penalty or benefit? Note: Do not round intermediate calculations. Assessment Tool iFrame Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: $ 0 $ 20,550 $ 20,550 $ 83,550 $ 178,150 $ 83,550 $ 178,150 $ 340,100 $ 340,100 $ 431,900 $ 647,850 $ 431,900 $ 647,850 The tax is: 10% of taxable income $2,055 plus 12% of the excess over $20,550 $9,615 plus 22% of the excess over $83,550 $30,427 plus 24% of the excess over $178,150 $69,295 plus 32% of the excess over $340,100 $98,671 plus 35% of the excess over $431,900 $174,253.50 plus 37% of the excess over $647,850 Schedule Y-2-Married Filing Separately If taxable income is over: But not over: $ 0 $ 10,275 $ 41,775 $ 89,075 $ 170,050 $ 215,950 $ 323,925 $ 10,275 $ 41,775 $ 89,075 $ 170,050 $ 215,950 $ 323,925 - The tax is: 10% of taxable income $1,027.50 plus 12% of the excess over $10,275 $4,807.50 plus 22% of the excess over $41,775 $15,213.50 plus 24% of the excess over $89,075 $34,647.50 plus 32% of the excess over $170,050 $49,335.50 plus 35% of the excess over $215,950 $87,126.75 plus 37% of the excess over $323,925 In 2022, Lisa and Fred, a married couple, had taxable income of $305,400. If they were to file separate tax returns, Lisa would have reported taxable income of $127,700 and Fred would have reported taxable income of $177,700. Use Tax Rate Schedule for reference. What is the couple's marriage penalty or benefit? Note: Do not round intermediate calculations. Assessment Tool iFrame Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: $ 0 $ 20,550 $ 20,550 $ 83,550 $ 178,150 $ 83,550 $ 178,150 $ 340,100 $ 340,100 $ 431,900 $ 647,850 $ 431,900 $ 647,850 The tax is: 10% of taxable income $2,055 plus 12% of the excess over $20,550 $9,615 plus 22% of the excess over $83,550 $30,427 plus 24% of the excess over $178,150 $69,295 plus 32% of the excess over $340,100 $98,671 plus 35% of the excess over $431,900 $174,253.50 plus 37% of the excess over $647,850 Schedule Y-2-Married Filing Separately If taxable income is over: But not over: $ 0 $ 10,275 $ 41,775 $ 89,075 $ 170,050 $ 215,950 $ 323,925 $ 10,275 $ 41,775 $ 89,075 $ 170,050 $ 215,950 $ 323,925 - The tax is: 10% of taxable income $1,027.50 plus 12% of the excess over $10,275 $4,807.50 plus 22% of the excess over $41,775 $15,213.50 plus 24% of the excess over $89,075 $34,647.50 plus 32% of the excess over $170,050 $49,335.50 plus 35% of the excess over $215,950 $87,126.75 plus 37% of the excess over $323,925
Expert Answer:
Answer rating: 100% (QA)
lets calculate the marriage penalty or benefit for Lise and Fred 1 Calculate the total tax if they f... View the full answer
Posted Date:
Students also viewed these accounting questions
-
Consider a right-tailed test (upper tail) and a sample size of 40 at the 95% confidence level. The value of t is ________. a. +2.023 b. -2.023 c. -1.685 d. +1.685
-
In 2017, Lisa and Fred, a married couple, have taxable income of $300,000. If they were to file separate tax returns, Lisa would have reported taxable income of $125,000 and Fred would have reported...
-
Player A has a $1 bill and a $20 bill, and player B has a $5 bill and a $10 bill. Each player will select a bill from the other player without knowing what bill the other player selected. If the...
-
Multiple Choice Questions 1. What is the maximum amount of personal residence acquisition debt on which interest is fully deductible on Schedule A? a. $1,000,000. b. $500,000. c. $250,000. d. $0. 2....
-
The preference relation is convex if and only if the upper preference sets (y) are convex for every y.
-
Choose a specific retail market in your community (clothing, coffee, sportswear, pharmacies, books and magazines, toys, groceries, etc.) and focus on two different operations. Find one retailer that...
-
On December 1, 2014, the Iaia Wholesale Co. is attempting to project cash receipts and disbursements through January 31, 2015. On this latter date, a note will be payable in the amount of $ 107,000....
-
(a) Use the following financial information to calculate the owner's equity and prepare a balance sheet with vertical analysis as of December 31, 2018, for Victory Lane Sporting Goods, a sole...
-
The current monthly income statement for JRT, Inc., represents the results of selling 8,000 coffee mugs: Sales (revenue) $56,000 Cost of goods sold (33,000) Gross margin $23,000 S & A expenses...
-
Most people who buy a luxury car believe that Lexus is a quality and reliable brand. According to the BrandAsset Valuator, this refers to which dimension of brand equity? Discuss briefly
-
write on Marketing mix a. Product/service - Type - good, service, idea etc - Features - how will it be different from the competitors? - Identification - brand name, label and packaging - Production...
-
About the Skill Effective managers are increasingly described as coaches rather than bosses. Just like coaches, theyre expected to provide instruction, guidance, advice, and encouragement to help...
-
Briefly describe some of the characteristics of a competitive market (2 - 3 sentences per characteristic).?
-
Analyze in detail the marketing campaigns of the UNICEF not-for-profit organization marketing campaigns by addressing the following: Explain how either logos, pathos, or ethos strategies of...
-
List four objectives of the audit engagement partner's final review of the audit documentation.
-
Refer to the data in QS 10-1. Based on financial considerations alone, should Helix accept this order at the special price? Explain.
-
A closed vessel having a volume of \(2.84 \mathrm{~m}^{3}\) contains \(1.365 \mathrm{~kg}\) of mixture of water and steam at a pressure of 7 bar. Find how much heat must be added to the vessel to...
-
In steam tables, the entropy is shown as zero for (a) saturated vapour at atmospheric pressure (b) saturated liquid at atmospheric pressure (c) saturated vapour at \(0^{\circ} \mathrm{C}\) (d)...
-
Water equivalent of calorimeter is given by (a) \(\frac{m_{c a l} \times c_{p c}}{c_{p w}}\) (b) \(\frac{m_{c a l}}{c_{p w}}\) (c) \(\frac{m_{c a l}}{c_{p c}}\) (d) \(\frac{m_{c a l} \times c_{p...
Study smarter with the SolutionInn App