(D) Would it be better for a married couple with two equal incomes to file jointly or separately? Discuss. Choose the correct answer below.MARRIED FILING JOINTLY OR QUALIFIED SURVIVING SPOUSEMARRIED FILING JOINTLY OR QUALIFIED SURVIVING SPOUSEOverBut Not Over$0$25,000$100,000O$25,000$100,000Tax Due Is3% of taxable income$750 plus 5.6% of excess over $25,000$4950.00 plus 6.8% of excess over $100,000A. Separately since there are smaller fixed rates on each income.B. Jointly since they only have to pay the fixed rate once, while separately they have to pay it twice.OC. Jointly since the percentage is only applied to their income once, while separately it is applied twice on each income.D. It does not matter since the taxes will be the same either way.

Filing status is a tax classification that defines an individual's or couple's legal standing…

Answered: (D) Would it be better for a married…

(D) Would it be better for a married couple with two equal incomes to file jointly or separately? Discuss. Choose the correct answer below.

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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Question

(D) Would it be better for a married couple with two equal incomes to file jointly or separately? Discuss. Choose the correct answer below.
MARRIED FILING JOINTLY OR QUALIFIED SURVIVING SPOUSE
MARRIED FILING JOINTLY OR QUALIFIED SURVIVING SPOUSE
Over
But Not Over
$0
$25,000
$100,000
O
$25,000
$100,000
Tax Due Is
3% of taxable income
$750 plus 5.6% of excess over $25,000
$4950.00 plus 6.8% of excess over $100,000
A. Separately since there are smaller fixed rates on each income.
B. Jointly since they only have to pay the fixed rate once, while separately they have to pay it twice.
OC. Jointly since the percentage is only applied to their income once, while separately it is applied twice on each income.
D. It does not matter since the taxes will be the same either way.

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