Alan and Sara Smith are a married couple who file a joint income tax return. They...
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Alan and Sara Smith are a married couple who file a joint income tax return. They have two children, and they have legitimate itemized deductions totaling $36,600. Their total income from wages is $375,600. Assume the following tax table is applicable: Married Couples Filing Joint Returns If Your Taxable Income Is Up to $19,050 You Pay This Amount on the Base of the Bracket Base 10.0% $0.00 $19,050-S77,400 1,905.00 $77,400-$165,000 8,907.00 $165,000-$315,000 28,179.00 $315,000-$400,000 64,179.00 $400,000-$600,000 91,379.00 Over $600,000 161,379.00 Plus This Percentage Average Tax on the Excess over the Rate at 12.0 22.0 24.0 32.0 35.0 37.0 Top of Bracket 10.0% 11.5 17.1 20.4 22.8 26.9 37.0 What is their federal tax liability? Based on the information given above, what is the average tax rate for Alan and Sara Smith? Alan and Sara Smith are a married couple who file a joint income tax return. They have two children, and they have legitimate itemized deductions totaling $36,600. Their total income from wages is $375,600. Assume the following tax table is applicable: Married Couples Filing Joint Returns If Your Taxable Income Is Up to $19,050 You Pay This Amount on the Base of the Bracket Base 10.0% $0.00 $19,050-S77,400 1,905.00 $77,400-$165,000 8,907.00 $165,000-$315,000 28,179.00 $315,000-$400,000 64,179.00 $400,000-$600,000 91,379.00 Over $600,000 161,379.00 Plus This Percentage Average Tax on the Excess over the Rate at 12.0 22.0 24.0 32.0 35.0 37.0 Top of Bracket 10.0% 11.5 17.1 20.4 22.8 26.9 37.0 What is their federal tax liability? Based on the information given above, what is the average tax rate for Alan and Sara Smith?
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To calculate the federal tax liability for Alan and Sara Smith well use the provided tax table and t... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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