Jennifer and Paul, who file a joint return, have taxable income of $139,475 and the following tax liability:$19,900 x 10% =($81,050 $19,900) × 12% =$ 1,990.007,338.0012,853.50($139,475$81,050) × 22% =$ 22,181.50-Total tax liabilityTheir marginal tax rate is:Multiple ChoiceO 13%16%.10% Havel and Petra are married and will file a joint tax return. Havel has W-2 income of $38,868, and Petra has W-2 Income of $49,671.Use the appropriate Tax Tables and Tax Rate Schedules.Required:a. What is their tax liability using the Tax Tables?b. What is their tax liability using the Tax Rate Schedule?Note: Round your intermediate computations and final answers to 2 decimal places.a. Tax liability using Tax Tablesb. Tax liability using Tax Rate Schedule

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Jennifer and Paul, who file a joint return, have taxable income of $139,475 and the following tax liability: $ 1,990.00 7,338.00 12,853.50 $ 22,181.50 $19,900 x 10% = ($81,050 ($139,475 $19,900) × 12% = $81,050) × 22% = Total tax liability Their marginal tax rate is: Multiple Choice 13%. O 16% 10%

Jennifer and Paul, who file a joint return, have taxable income of $139,475 and the following tax liability: $ 1,990.00 7,338.00 12,853.50 $ 22,181.50 $19,900 x 10% = ($81,050 ($139,475 $19,900) × 12% = $81,050) × 22% = Total tax liability Their marginal tax rate is: Multiple Choice 13%. O 16% 10%

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter12: Tax Administration And Tax Planning

Section: Chapter Questions

Problem 21MCQ

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