In 2022, Lisa and Fred, a married couple, had taxable income of $313,200. If they were to file separate tax returns, Lisa would havereported taxable income of $131,600 and Fred would have reported taxable income of $181,600. Use Tax Rate Schedule for reference.What is the couple's marriage penalty or benefit?Note: Do not round intermediate calculations.Marriage beneft 2022 Tax Rate SchedulesIndividualsSchedule X-SingleIf taxable income is over: But not over:$ 10,275$41,775$ 89,075$170,050$215,950$$39.900$0$ 10,275$ 41,775$ 89,075$170,050$215,950$539,9000$ 20,550S $3,5501111$ 178,150Schedule Y-1-Married Filing Jointly or Qualifying Widow(er)If taxable income is over: But not over:tils$ 20,55010% of taxable income$ $3,550$178,150$9,615 plus 22% of the excess over $83,550$2,055 plus 12% of the excess over $20,550$340,100 $30,427 plus 24% of the excess over $178,150$431,900 $69,295 plus 32% of the excess over $340,100$647,850 $98,671 plus 35% of the excess over $431,900$174,253.50 plus 37% of the excess over $647,850$340,100$431,900$647,85012$215.950$539,900Schedule Y-2-Married Filing SeparatelyIf taxable income is over. But not over:Schedule Z-Head of HouseholdIf taxable income is over: But not over:$ 14,65010% of taxable incomeSO$ 14,650$ 55,900$ 89,050S 55,900$ 89,050$1,465 plus 12% of the excess over $14.650$6.415 plus 22% of the excess over $55.900S170,050 $13,708 plus 24% of the excess over $89.050$215,950 $33,148 plus 32% of the excess over $170,050/R$47,836 plus 35% of the excess over $215,950$161.218.50 plus 37% of the excess over $539.900$ 170,050$539.900$ 0$ 10,275$41.775$ 89,075$170,050$215,950$323.925OThe tax is:e10% 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 $539,9009The tax is:The tax is:The tax is:10% of taxable income$ 10,275$41,775 $1,027 50 plus 12% of the excess over $10.275.11$ $9.075 $4,807 50 plus 22% of the excess over $41.275$170,050 $15,213.50 plus 24% of the excess over $89,075$215,950 $34,647 50 plus 32% of the excess over $170,050$323,925 $49,335.50 plus 35% of the excess over $215,950587,126.75 plus 37% of the excess over $323,925=

The filing status is determined by marital status, which affects the tax rates, deductions, and…

In 2022. Lisa and Fred, a married couple, had taxable income of $313.200. If they were to file separate tax returns, Lisa would have reported taxable income of $131,600 and Fred would have reported taxable income of $181,600. Use Tax Rate Schedule for reference. What is the couple's marriage penalty or benefit? Note: Do not round intermediate calculations. Marriage benefit

In 2022. Lisa and Fred, a married couple, had taxable income of $313.200. If they were to file separate tax returns, Lisa would have reported taxable income of $131,600 and Fred would have reported taxable income of $181,600. Use Tax Rate Schedule for reference. What is the couple's marriage penalty or benefit? Note: Do not round intermediate calculations. 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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