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-SingleIf 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$ 178,150Schedule 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$647,850Schedule Z-Head of HouseholdIf 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$539,900Schedule Y-2-Married Filing SeparatelyIf taxable income is over: But not over:$ 10,275$ 41,775$ 89,075$ 170,050$215,950$ 323,925$0$ 10,275$ 41,775$ 89,075$ 170,050$215,950$323,925Type here to searchThe 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 $539,900The 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 $647,850The 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 $539,900The tax is:S10% 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

Please see the answer below: calculation of income tax of jasmine & Thomas when they filed…

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?

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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