Paris and Tristan are married and file jointly. Assume that Paris and Tristan's taxable income is$200,000, including $7,200 of net long-term capital gain. Also assume that their employerswithheld $33,500 of federal income tax from their paychecks during the year.Given this taxable income, and the facts above, how much tax is due with the couple'sreturn? For your convenience, the married filing jointly (MFJ) schedule is shown below. Recallthat the 2023 standard deduction amount for married filing jointly is $27,700. Assume theapplicable capital gain tax rate is 15%.If TI is over: But not over: The tax is:$0$22,000$89,450$190,750$364,200$22,000$89,450$190,750$364,200$462,500$462,500 $693,750$693,750 No limit= 10% of taxable income.= $2,200 + 12% of amount over $22,000= $10,294 + 22% of amount over $89,450= $32,580 + 24% of amount over $190,750= $74,208 + 32% of amount over $364,200= $105,664 + 35% of amount over $462,500= $186,601.50 +37% of amount over $693,750

The category that a particular taxpayer chooses to file under when filing their tax return is…

Answered: Paris and Tristan are married and file…

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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