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).

Answer rating: 100% (QA)

To calculate H and Ws tax duerefund marginal tax rate and effective tax rate there are several steps ... View the full answer