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 $169,100. Assume the following tax table is applicable: Married Couples Filing Joint Returns If Your Taxable Income Is Up to $19,750 $19,750-$80,250 $80,250-$171,050 $171,050- $326,600 $326,600- $414,700 $414,700- $622,050 You Pay This Amount on Plus This Percentage on Average Tax Rate at Top the Base of the Bracket the Excess over the Base of Bracket 10.0% 12.0 22.0 24.0 Over $622,050 What is their average tax rate? $0.00 1,975.00 9,235.00 29,211.00 66,543.00 94,735.00 167,307.50 32.0 35.0 37.0 10.0% 11.5 17.1 20.4 22.8 26.9 37.0
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 $169,100. Assume the following tax table is applicable: Married Couples Filing Joint Returns If Your Taxable Income Is Up to $19,750 $19,750-$80,250 $80,250-$171,050 $171,050- $326,600 $326,600- $414,700 $414,700- $622,050 You Pay This Amount on Plus This Percentage on Average Tax Rate at Top the Base of the Bracket the Excess over the Base of Bracket 10.0% 12.0 22.0 24.0 Over $622,050 What is their average tax rate? $0.00 1,975.00 9,235.00 29,211.00 66,543.00 94,735.00 167,307.50 32.0 35.0 37.0 10.0% 11.5 17.1 20.4 22.8 26.9 37.0
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![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
$169,100. Assume the following tax table is applicable:
Married Couples Filing Joint Returns
If Your Taxable
Income Is
Up to $19,750
$19,750-$80,250
$80,250-$171,050
$171,050-
$326,600
$326,600-
$414,700
$414,700-
$622,050
You Pay This Amount on Plus This Percentage on Average Tax Rate at Top
the Base of the Bracket the Excess over the Base
of Bracket
10.0%
12.0
22.0
24.0
Over $622,050
What is their average tax rate?
$0.00
1,975.00
9,235.00
29,211.00
66,543.00
94,735.00
167,307.50
32.0
35.0
37.0
10.0%
11.5
17.1
20.4
22.8
26.9
37.0](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fccb668bc-10a4-4aaf-a388-7b2b8ddb3a25%2F4abbfe0e-1ce7-4467-85b0-29561effc738%2Fwnx7wsq_processed.png&w=3840&q=75)
Transcribed Image Text: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
$169,100. Assume the following tax table is applicable:
Married Couples Filing Joint Returns
If Your Taxable
Income Is
Up to $19,750
$19,750-$80,250
$80,250-$171,050
$171,050-
$326,600
$326,600-
$414,700
$414,700-
$622,050
You Pay This Amount on Plus This Percentage on Average Tax Rate at Top
the Base of the Bracket the Excess over the Base
of Bracket
10.0%
12.0
22.0
24.0
Over $622,050
What is their average tax rate?
$0.00
1,975.00
9,235.00
29,211.00
66,543.00
94,735.00
167,307.50
32.0
35.0
37.0
10.0%
11.5
17.1
20.4
22.8
26.9
37.0
AI-Generated Solution
Unlock instant AI solutions
Tap the button
to generate a solution
Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education