Question: This is a 3 part question. So I'll have some follow up questions after the first one. Consider the following couple, who are engaged to
This is a 3 part question. So I'll have some follow up questions after the first one.
Consider the following couple, who are engaged to be married. Assume that each person takes one exemption and Married Filing the standard deduction. Answer the questions below using the tax rates in the table to the right. Tax Rate Single Jointly 10% up to $9325 up to $18,650 Mia and Steve have adjusted gross incomes of $96,100 and $83,000, respectively. 15% up to $37,950 up to $75,900 25% up to $91,900 up to $153,100 28% up to $191,650 up to $233,350 33% up to $416,700 up to $416,700 35% up to $418,400 up to $470,700 39.6% above $418,400 above $470,700 Standard $6350 deduction $12,700 Exemption $4050 $4050 (per person) . . . . . Calculate their income tax if they delay their marriage until next year so they can file their tax returns as individuals at the single tax rate this year. Their income tax would be $ (Round to the nearest dollar as needed.)