Last year you made 150,000$ and your spouse made 50,000$. The tax schedule for single filers...

 

Transcribed Image Text:

Last year you made 150,000$ and your spouse made 50,000$. The tax schedule for single filers and married couples is given below: SINGLE FILER Tax rate Income Bracket 10% 12% 22% 0-10,0008 35% 10,001-40,0008 40,001-90,000$ 24% 90,001-170,000$ 32% 170,001-216,0008 216,001-540,000$ FILLING JOINTLY Tax rate 10% 12% 22% 24% 32% 35% Income Bracket 0-20,000$ 20,001-84,000S 84,001-178,000S 178,001-340,0008 340,001-432,000$ 432,001-647,000$ 1. Estimate your average and marginal tax rate. 2. Estimate the average and marginal tax rate of your spouse. 3. Estimate your average and marginal tax rate if you file jointly with your spouse. 4. How much would you save on taxes if you decided to file jointly? Last year you made 150,000$ and your spouse made 50,000$. The tax schedule for single filers and married couples is given below: SINGLE FILER Tax rate Income Bracket 10% 12% 22% 0-10,0008 35% 10,001-40,0008 40,001-90,000$ 24% 90,001-170,000$ 32% 170,001-216,0008 216,001-540,000$ FILLING JOINTLY Tax rate 10% 12% 22% 24% 32% 35% Income Bracket 0-20,000$ 20,001-84,000S 84,001-178,000S 178,001-340,0008 340,001-432,000$ 432,001-647,000$ 1. Estimate your average and marginal tax rate. 2. Estimate the average and marginal tax rate of your spouse. 3. Estimate your average and marginal tax rate if you file jointly with your spouse. 4. How much would you save on taxes if you decided to file jointly?

Answer rating: 100% (QA)

To estimate your average and marginal tax rates your spouses average and marginal tax rates and the ... View the full answer