Suppose Sam and Cory are married and are deciding whether to use the filing status of...

Transcribed Image Text:

Suppose Sam and Cory are married and are deciding whether to use the filing status of Single or of Married filing jointly. Cory has a taxable income of $50,000 and Sam has a taxable income of $200,000. If the Single filing status was used, how much would Sam owe in federal income taxes? Tax Rate 10% 12% Taxable Income (Single Individuals) $0-$11,600 $11,600-$47,150 22% $47,150-$100,525 24% $100,525-$191,950 32% $191,950-$243,725 35% $243,725-$609,350 37% $609,350+ Tax Rate 10% 12% Taxable Income (Married Filing Jointly) $0-$23,200 $23,200-$94,300 22% $94,300-$201,050 24% $201,050-$383,900 32% $383,900-$487,460 35% $487,460-$731,200 37% $731,200+ Suppose Sam and Cory are married and are deciding whether to use the filing status of Single or of Married filing jointly. Cory has a taxable income of $50,000 and Sam has a taxable income of $200,000. If the Single filing status was used, how much would Sam owe in federal income taxes? Tax Rate 10% 12% Taxable Income (Single Individuals) $0-$11,600 $11,600-$47,150 22% $47,150-$100,525 24% $100,525-$191,950 32% $191,950-$243,725 35% $243,725-$609,350 37% $609,350+ Tax Rate 10% 12% Taxable Income (Married Filing Jointly) $0-$23,200 $23,200-$94,300 22% $94,300-$201,050 24% $201,050-$383,900 32% $383,900-$487,460 35% $487,460-$731,200 37% $731,200+