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 $10,000. -what is the couples marriage benefit? Schedule Y-2-Married Filing SeparatelyIf taxable income is over: But not over:$ 10,275$ 41,775$ 89,075$ 170,050$ 215,950$ 323,925$010,275$ 41,775$ 89,075$ 170,050$215,950$ 323.925$41°FSunnyThe 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 $215,950S87,126.75 plus 37% of the excess over $323,925

Married couples can file jointly or individually on their income tax returns. The IRS aggressively…

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?

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

Section: Chapter Questions

Problem 1Q

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Concept explainers

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.

Question

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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