Consider the following couple, who are engaged to be married. Assume that each person takes one exemption and the standard deduction. Answer the questions below using the tax rates in the table to the right. Rebecca and Roberto each have an adjusted gross income of $190,000. CIR Tax Rate 10% 15% 25% 28% 33% 35% 39.6% Standard deduction Exemption (per person) Single up to $9325 up to $37,950 up to $91,900 up to $191,650 up to $416,700 up to $418,400 above $418,400 $6350 $4050 Married Filing Jointly up to $18,650 up to $75,900 up to $153,100 up to $233,350 up to $416,700 up to $470,700 above $470,700 $12,700 $4050 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
Consider the following couple, who are engaged to be married. Assume that each person takes one exemption and the standard deduction. Answer the questions below using the tax rates in the table to the right. Rebecca and Roberto each have an adjusted gross income of $190,000. CIR Tax Rate 10% 15% 25% 28% 33% 35% 39.6% Standard deduction Exemption (per person) Single up to $9325 up to $37,950 up to $91,900 up to $191,650 up to $416,700 up to $418,400 above $418,400 $6350 $4050 Married Filing Jointly up to $18,650 up to $75,900 up to $153,100 up to $233,350 up to $416,700 up to $470,700 above $470,700 $12,700 $4050 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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Subject : Accounting
Transcribed Image Text:Consider the following couple, who are engaged to be married. Assume that each
person takes one exemption and the standard deduction. Answer the questions
below using the tax rates in the table to the right.
Rebecca and Roberto each have an adjusted gross income of $190,000.
Tax Rate
10%
15%
25%
28%
33%
35%
39.6%
Standard
deduction
Exemption
(per person)
Single
up to $9325
up to $37,950
up to $91,900
up to $191,650
up to $416,700
up to $418,400
above $418,400
$6350
$4050
Married Filing
Jointly
up to $18,650
up to $75,900
up to $153,100
up to $233,350
up to $416,700
up to $470,700
above $470,700
$12,700
$4050
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.)
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