s $2023$ Tax Rate Schedules

Problem $8-49($LO $8-1)($Algo$)$

In $2023,$ Jasmine and Thomas, a married couple, had taxable income of $$154,000.$ If they were to file separate tax returns, Jasmine would have reported taxable income of $$144,000$ and Thomas would have reported taxable income of $$10,000.$ Use Tax Rate Schedule for reference.

What is the couple's marriage penalty or benefit?

Note: Do not round intermediate calculations. Round your final answer to the nearest whole dollar:

Marriage beneft

$1,205$

Schedule Y$-1-$Married Filing Jointly or Qualifying surviving spouse

$\backslash$table$[[$If taxable income is over:,But not over:,The tax is:$],[$$$,$$$22,000,10\%$ of taxable income$],[$$$22,000,$$$89,450,$$$2,200$ plus $12\%$ of the excess over $$22,000$