Harold and Wanda (married filing jointly) have $30,000 of ordinary income after the standard deduction and personal
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Harold and Wanda (married filing jointly) have $30,000 of ordinary income after the standard deduction and personal exemptions, and $50,000 in unrecaptured depreciation on the sale of rental property, for total taxable income of $80,000. For 2016, the 10 percent tax bracket for married taxpayers filing jointly ends at $18,550, the next $56,750 in taxable income is taxed at 15 percent, and 25 percent applies to the next $76,600. What is Harold and Wanda’s tax? (Please use the percentages given in this problem to calculate your answer.)
a. $11,542.50
b. $11,587.50
c. $11,594.00
d. $16,077.50
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Related Book For 
Income Tax Fundamentals 2017
ISBN: 9781305872738
35th Edition
Authors: Gerald E. Whittenburg, Steven Gill, Martha Altus Buller
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