In 2022, Jasmine and Thomas, a married couple, had taxable income of $160,000. If they were to file separate tax returns, Jasmine would have reported taxable income of $150,000 and Thomas would have reported taxable income of $10,000. -what is the couples marriage benefit?
In 2022, Jasmine and Thomas, a married couple, had taxable income of $160,000. If they were to file separate tax returns, Jasmine would have reported taxable income of $150,000 and Thomas would have reported taxable income of $10,000. -what is the couples marriage benefit?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
In 2022, Jasmine and Thomas, a married couple, had taxable income of $160,000. If they were to file separate tax returns, Jasmine would have reported taxable income of $150,000 and Thomas would have reported taxable income of $10,000.
-what is the couples marriage benefit?
![Schedule X-Single
If taxable income is over: But not over:
$
0
$ 10,275
$ 41,775
$ 10,275
$ 41,775
$ 89,075
$ 89,075
$ 170,050
$215,950
$ 539,900
$ 170,050
$215,950
$ 539,900
$
0
$ 20,550
$ 83,550
$ 178,150
Schedule Y-1-Married Filing Jointly or Qualifying Widow(er)
If taxable income is over: But not over:
$ 20,550
$ 83,550
$ 178,150
$ 340,100
$431,900
$ 647,850
$340,100
$431,900
$647,850
Schedule Z-Head of Household
If taxable income is over: But not over:
$
0
$ 14,650
$ 14,650
$ 55,900
$ 55,900
$ 89,050
$ 89,050
$ 170,050
$215,950
$ 539,900
$ 170,050
$ 215,950
$539,900
Schedule Y-2-Married Filing Separately
If taxable income is over: But not over:
$ 10,275
$ 41,775
$ 89,075
$ 170,050
$215,950
$ 323,925
$
0
$ 10,275
$ 41,775
$ 89,075
$ 170,050
$215,950
$323,925
Type here to search
The tax is:
10% of taxable income
$1,027.50 plus 12% of the excess over $10,275
$4,807.50 plus 22% of the excess over $41,775
$15,213.50 plus 24% of the excess over $89,075
$34.647.50 plus 32% of the excess over $170,050
$49,335.50 plus 35% of the excess over $215,950
$162.718 plus 37% of the excess over $539,900
The tax is:
10% of taxable income
$2,055 plus 12% of the excess over $20,550
$9,615 plus 22% of the excess over $83,550
$30,427 plus 24% of the excess over $178,150
$69,295 plus 32% of the excess over $340,100
$98,671 plus 35% of the excess over $431,900
$174.253.50 plus 37% of the excess over $647,850
The tax is:
10% of taxable income
$1,465 plus 12% of the excess over $14,650
$6,415 plus 22% of the excess over $55,900
$13,708 plus 24% of the excess over $89,050
$33,148 plus 32% of the excess over $170,050
$47,836 plus 35% of the excess over $215,950
$161,218.50 plus 37% of the excess over $539,900
The tax is:
S
10% of taxable income
$1,027.50 plus 12% of the excess over $10,275
$4,807.50 plus 22% of the excess over $41,775
$15,213.50 plus 24% of the excess over $89,075
$34,647.50 plus 32% of the excess over $170,050
$49,335.50 plus 35% of the excess over $215,950
$87,126.75 plus 37% of the excess over $323,925](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4fdd5d65-7352-48f5-bff8-28368afb7b3f%2F29731719-8afa-45f4-80a0-b9d9e1644e38%2Fevo0ka_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Schedule X-Single
If taxable income is over: But not over:
$
0
$ 10,275
$ 41,775
$ 10,275
$ 41,775
$ 89,075
$ 89,075
$ 170,050
$215,950
$ 539,900
$ 170,050
$215,950
$ 539,900
$
0
$ 20,550
$ 83,550
$ 178,150
Schedule Y-1-Married Filing Jointly or Qualifying Widow(er)
If taxable income is over: But not over:
$ 20,550
$ 83,550
$ 178,150
$ 340,100
$431,900
$ 647,850
$340,100
$431,900
$647,850
Schedule Z-Head of Household
If taxable income is over: But not over:
$
0
$ 14,650
$ 14,650
$ 55,900
$ 55,900
$ 89,050
$ 89,050
$ 170,050
$215,950
$ 539,900
$ 170,050
$ 215,950
$539,900
Schedule Y-2-Married Filing Separately
If taxable income is over: But not over:
$ 10,275
$ 41,775
$ 89,075
$ 170,050
$215,950
$ 323,925
$
0
$ 10,275
$ 41,775
$ 89,075
$ 170,050
$215,950
$323,925
Type here to search
The tax is:
10% of taxable income
$1,027.50 plus 12% of the excess over $10,275
$4,807.50 plus 22% of the excess over $41,775
$15,213.50 plus 24% of the excess over $89,075
$34.647.50 plus 32% of the excess over $170,050
$49,335.50 plus 35% of the excess over $215,950
$162.718 plus 37% of the excess over $539,900
The tax is:
10% of taxable income
$2,055 plus 12% of the excess over $20,550
$9,615 plus 22% of the excess over $83,550
$30,427 plus 24% of the excess over $178,150
$69,295 plus 32% of the excess over $340,100
$98,671 plus 35% of the excess over $431,900
$174.253.50 plus 37% of the excess over $647,850
The tax is:
10% of taxable income
$1,465 plus 12% of the excess over $14,650
$6,415 plus 22% of the excess over $55,900
$13,708 plus 24% of the excess over $89,050
$33,148 plus 32% of the excess over $170,050
$47,836 plus 35% of the excess over $215,950
$161,218.50 plus 37% of the excess over $539,900
The tax is:
S
10% of taxable income
$1,027.50 plus 12% of the excess over $10,275
$4,807.50 plus 22% of the excess over $41,775
$15,213.50 plus 24% of the excess over $89,075
$34,647.50 plus 32% of the excess over $170,050
$49,335.50 plus 35% of the excess over $215,950
$87,126.75 plus 37% of the excess over $323,925
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education