A married couple with 3 children is filing taxes jointly. They have a gross income of $365,453, and they made the following tax-deductible purchases: • Charitable contributions: $8,948 Medical expenses: $2,094 • Mortgage interest: $4,898 Compute their final income tax using the following information: 2023 Married Individuals Filing Joint Returns and Surviving Spouses If Taxable Income is Between: $0-$22,000 $22,001 - $89,450 $89,451-$190,750 $190,751-$364,200 $364,201-$462,500 $462,501 - $693,750 $693,751 or more The Tax Due is: 10% of taxable income $2,200 plus 12% of the amount over $22,000 $10,294 plus 22% of the amount over $89,450 $32,580 plus 24% of the amount over $190,750 $74,208 plus 32% of the amount over $364,200 $105,664 plus 35% of the amount over $462,500 $186,601.50 plus 37% of the amount over $693,750 Round your answer to the nearest dollar. Recall the standard deduction for married filers: $27,700

A married couple with 3 children is filing taxes jointly. They have a gross income of $365,453, and they made the following tax-deductible purchases: • Charitable contributions: $8,948 Medical expenses: $2,094 • Mortgage interest: $4,898 Compute their final income tax using the following information: 2023 Married Individuals Filing Joint Returns and Surviving Spouses If Taxable Income is Between: $0-$22,000 $22,001 - $89,450 $89,451-$190,750 $190,751-$364,200 $364,201-$462,500 $462,501 - $693,750 $693,751 or more The Tax Due is: 10% of taxable income $2,200 plus 12% of the amount over $22,000 $10,294 plus 22% of the amount over $89,450 $32,580 plus 24% of the amount over $190,750 $74,208 plus 32% of the amount over $364,200 $105,664 plus 35% of the amount over $462,500 $186,601.50 plus 37% of the amount over $693,750 Round your answer to the nearest dollar. Recall the standard deduction for married filers: $27,700

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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