Alan and Sara Winthrop are a married couple who file a joint income tax return. They have two children, and they havelegitimate itemized deductions totaling $26,000. Their total income from wages is $203,100. Assume the following tax tableis applicable:Married Couples Filing Joint ReturnsYou Pay This Amounton the Base of theIf Your TaxablePlus This Percentage on Average Tax Rate at TopIncome IsBracketthe Excess over the Baseof BracketUp to $19,750$0.0010.0%10.0%$19,750-$80,250$80,250-$171,0501,975.0012.011.59,235.0022.017.1$171,050-$326,60029,211.0024.020.4$326,600-$414,70066,543.0032.022.8$414,700-$622,05094,735.0035.026.9Over $622,050What is their marginal tax rate?167,307.5037.037.0O a. 32.0%O b. 24.0%O c. 22.0%d. 12.0%O e. 35.0%

The question is related to marginal tax rate. The marginal tax rate is the tax rate you pay on an…

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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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Alan and Sara Winthrop are a married couple who file a joint income tax return. They have two children, and they have legitimate itemized deductions totaling $25,750. Their total income from wages is $288,800. What is the couple's taxable income?

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