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 $159,099 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
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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 $159,099 and Thomas would have reported taxable income of $10,000. -what is the couples marriage benefit?
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
$
41°F
Sunny
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
S87,126.75 plus 37% of the excess over $323,925
Transcribed Image Text: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 $ 41°F Sunny 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 S87,126.75 plus 37% of the excess over $323,925
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