QZ1 Q1 practice During 2018, the Smiths and the Joneses both filed joint tax returns. For the tax year ended December 31, 2018, the Smiths' taxable income was $117,000, and the Jones had total taxable income of$58,500.a. Using the federal tax rates given in Table 1.2,, for married couples filing joint returns, calculate the taxes for both the Smiths and the Joneses.b. Calculate and compare the ratio of the Smiths' to the Joneses' taxable income and the ratio of the Smiths' to the Joneses' taxes. What does this demonstrate about the federal incometax structure?a. Using the federal tax rates given in Table 1.2 for married couples filing joint returns, the taxes for the Smiths is $The taxes for the Joneses is $(Round to the nearest dollar.)b. The ratio of the Smiths' to the Joneses' taxable income is(Round to two decimal places.)The ratio of the Smiths' to the Joneses' taxes is(Round to two decimal places.)What does this demonstrate about the federal income tax structure? (Choose the best answer below.)A. Those who earn higher incomes pay a lower proportion of their income in taxes.B. Those who earn higher incomes pay a higher proportion of their income in taxes.C. Those who earn lower incomes pay a higher proportion of their income in taxes.D. Everyone pays the same proportion of their income in taxes.(Round to the nearest dollar.) Data table(Click the icon here in order to copy the contents of the data table below intoa spreadsheet.)TABLE 1.2: Tax Rates and Income Brackets for JointReturns (2018)Tax Rates10%12%22%24%32%35%37%Taxable IncomeJoint Returns$0 to $19,050$19,051 to $77,400$77,401 to $165,000$165,001 to $315,000$315,001 to $400,000$400,001 to $600,000Over $600,000

It is the income of a taxpayer on which the revenue authorities will impose tax. The taxable is the…

During 2018, the Smiths and the Joneses both filed joint tax returns. For the tax year ended December 31, 2018, the Smiths' taxable income was $117,000, and the Jones had total taxable income of $58,500. a. Using the federal tax rates given in Table 1.2,, for married couples filing joint returns, calculate the taxes for both the Smiths and the Joneses. b. Calculate and compare the ratio of the Smiths' to the Joneses' taxable income and the ratio of the Smiths' to the Joneses' taxes. What does this demonstrate about the federal income tax structure?

During 2018, the Smiths and the Joneses both filed joint tax returns. For the tax year ended December 31, 2018, the Smiths' taxable income was $117,000, and the Jones had total taxable income of $58,500. a. Using the federal tax rates given in Table 1.2,, for married couples filing joint returns, calculate the taxes for both the Smiths and the Joneses. b. Calculate and compare the ratio of the Smiths' to the Joneses' taxable income and the ratio of the Smiths' to the Joneses' taxes. What does this demonstrate about the federal income tax structure?

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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