Jaylen and Zan are married, filing jointly. Their total adjusted gross income was $81,000 and they qualified for the standard deduction of $24,000. Use the following 2018 tax rate schedule to calculate their 2018 federal income tax. If your filing status is married, filing jointly or surviving spouses; and taxable income is more than: but not over: your tax is: $ 0 $19,050 10% OF the taxable income $19,050 $77,400 $1905 plus 12% of the excess over $19,050 $77,400 $165,000 $8907 plus 22% of the excess over $77,400 $165,000 $315,000 $28,179 plus 24% of the excess over $165,000 $315,000 $400,000 $64,179 plus 32% of the excess over $315,000 $400,000 $600,000 $91,379 plus 35% of the excess over $400,000 $600,000 _______ $161,379 plus 37% OF THE AMOUNT OVER $600,000 Jaylen and Zan's 2018 Federal income tax is: $ (Round to the nearest dollar.) What is Jaylen and Zan's effective tax rate? [Tax paid divided by taxable income] % (Write as a percent, rounded to one decimal place.)
Jaylen and Zan are married, filing jointly. Their total adjusted gross income was $81,000 and they qualified for the standard deduction of $24,000. Use the following 2018 tax rate schedule to calculate their 2018 federal income tax. If your filing status is married, filing jointly or surviving spouses; and taxable income is more than: but not over: your tax is: $ 0 $19,050 10% OF the taxable income $19,050 $77,400 $1905 plus 12% of the excess over $19,050 $77,400 $165,000 $8907 plus 22% of the excess over $77,400 $165,000 $315,000 $28,179 plus 24% of the excess over $165,000 $315,000 $400,000 $64,179 plus 32% of the excess over $315,000 $400,000 $600,000 $91,379 plus 35% of the excess over $400,000 $600,000 _______ $161,379 plus 37% OF THE AMOUNT OVER $600,000 Jaylen and Zan's 2018 Federal income tax is: $ (Round to the nearest dollar.) What is Jaylen and Zan's effective tax rate? [Tax paid divided by taxable income] % (Write as a percent, rounded to one decimal place.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Jaylen and Zan are married, filing jointly. Their total adjusted gross income was $81,000 and they qualified for the standard deduction of $24,000. Use the following 2018 tax rate schedule to calculate their 2018 federal income tax.
If your filing status is married, filing jointly or surviving spouses;
| and taxable income is more than: | but not over: | your tax is: |
|---|---|---|
| $ 0 | $19,050 | 10% OF the taxable income |
| $19,050 | $77,400 | $1905 plus 12% of the excess over $19,050 |
| $77,400 | $165,000 | $8907 plus 22% of the excess over $77,400 |
| $165,000 | $315,000 | $28,179 plus 24% of the excess over $165,000 |
| $315,000 | $400,000 | $64,179 plus 32% of the excess over $315,000 |
| $400,000 | $600,000 | $91,379 plus 35% of the excess over $400,000 |
| $600,000 | _______ | $161,379 plus 37% OF THE AMOUNT OVER $600,000 |
Jaylen and Zan's 2018 Federal income tax is: $
(Round to the nearest dollar.)
What is Jaylen and Zan's effective tax rate? [Tax paid divided by taxable income]
%
(Write as a percent, rounded to one decimal place.)
Expert Solution
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
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education