Stella and Joseph are married with 2 children. They are filing taxes jointly. They have a...
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Stella and Joseph are married with 2 children. They are filing taxes jointly. They have a gross income of $185,128, and they made the following tax-deductible purchases: Charitable contributions: $2,023 Medical expenses: $8,605 Student loan interest: $1,508 Compute their final income tax using the information below. 2022 Married Individuals Filing Joint Returns and Surviving Spouses If Taxable Income is Between: $0-$20,550 $20,551 - $83,550 $83,551 - $178,150 $178,151 - $340,100 $340,101-$431,900 $431,601 - $647,850 $647,851 or more Round your answer to the nearest dollar. Standard deduction for married filers: $25,900 The Tax Due is: 10% of taxable income $2,055 plus 12% of the amount over $20,550 $9,615 plus 22% of the amount over $83,550 $30,427 plus 24% of the amount over $178,150 $69,295 plus 32% of the amount over $340,100 $98,671 plus 35% of the amount over $431,900 $174,253.50 plus 37% of the amount over $647,850 Stella and Joseph are married with 2 children. They are filing taxes jointly. They have a gross income of $185,128, and they made the following tax-deductible purchases: Charitable contributions: $2,023 Medical expenses: $8,605 Student loan interest: $1,508 Compute their final income tax using the information below. 2022 Married Individuals Filing Joint Returns and Surviving Spouses If Taxable Income is Between: $0-$20,550 $20,551 - $83,550 $83,551 - $178,150 $178,151 - $340,100 $340,101-$431,900 $431,601 - $647,850 $647,851 or more Round your answer to the nearest dollar. Standard deduction for married filers: $25,900 The Tax Due is: 10% of taxable income $2,055 plus 12% of the amount over $20,550 $9,615 plus 22% of the amount over $83,550 $30,427 plus 24% of the amount over $178,150 $69,295 plus 32% of the amount over $340,100 $98,671 plus 35% of the amount over $431,900 $174,253.50 plus 37% of the amount over $647,850
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To compute Stella and Josephs final income tax we first need to calculate their taxable income takin... 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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