Clark and his wife, Lois, have both been working full-time jobs as teachers, one making $34560 and the other $44950. They have been debating about whether they should file jointly or separately. Calculate their total federal income tax if they file jointly. Do not consider deductions or exemptions. $ Calculate their total federal income tax if they file separately. Do not consider deductions or exemptions.
Clark and his wife, Lois, have both been working full-time jobs as teachers, one making $34560 and the other $44950. They have been debating about whether they should file jointly or separately. Calculate their total federal income tax if they file jointly. Do not consider deductions or exemptions. $ Calculate their total federal income tax if they file separately. Do not consider deductions or exemptions.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Clark and his wife, Lois, have both been working full-time jobs as teachers, one making $34560 and the other $44950. They have been debating about whether they should file jointly or separately.
Calculate their total federal income tax if they file jointly. Do not consider deductions or exemptions.
$
Calculate their total federal income tax if they file separately. Do not consider deductions or exemptions.
$
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9 Tax Information
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Tax Information
Tax Rates
TAX
SINGLE, MARRIED AND
FILING SEPARATELY
MARRIED AND FILING
RATE
JOINTLY
10%
$0 to $9,275
$0 to $18,550
15%
$9,276 to $37,650
$18,551 to $75,300
25%
$37,651 to $91,150
$75,301 to $151,900
28%
$91,151 to $190,150
$151,901 to $231,450
33%
$190,151 to $413,350
$231,451 to $413,350
35%
$413,351 to $415,050
$413,351 to $466,950
39.6%
$415,051 and up
$466,951 and up
Deductions
SINGLE STANDARD TAX
MARRIED, FILING JOINTLY STANDARD
Tax DEDUCTION
DEDUCTION
$6,300
$12,600
Exemptions
PERSONAL EXEMPTION AMOUNT
$4,050
Donalties
10:47 PM
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Transcribed Image Text:O MATH-102-M001: Q x
A MATH-102-M001: Q X
9 Tax Information
* Log In | Course Hero x
O [ Helping ] Course H X
b Homework Help and X
+
ロ
A iscontent.byu.edu/Canvas/MATH-102/MATH-102-M001/HTML/TaxInformationPage.html
Update :
Tax Information
Tax Rates
TAX
SINGLE, MARRIED AND
FILING SEPARATELY
MARRIED AND FILING
RATE
JOINTLY
10%
$0 to $9,275
$0 to $18,550
15%
$9,276 to $37,650
$18,551 to $75,300
25%
$37,651 to $91,150
$75,301 to $151,900
28%
$91,151 to $190,150
$151,901 to $231,450
33%
$190,151 to $413,350
$231,451 to $413,350
35%
$413,351 to $415,050
$413,351 to $466,950
39.6%
$415,051 and up
$466,951 and up
Deductions
SINGLE STANDARD TAX
MARRIED, FILING JOINTLY STANDARD
Tax DEDUCTION
DEDUCTION
$6,300
$12,600
Exemptions
PERSONAL EXEMPTION AMOUNT
$4,050
Donalties
10:47 PM
O Type here to search
へ G )
4/25/2021
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