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

(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
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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(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.
Transcribed Image Text:(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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