In 2022, Lisa and Fred, a married couple, had taxable income of $307,800. If they were to file separate tax returns, Lisa would have reported taxable income of $128,900 and Fred would have reported taxable income of $178,900. -what is the couples marriage benefit? Schedule X-SingleIf taxable income is over: But not over:$0$ 10,275$ 41,775$ 10,275$ 41,775$ 89,075$ 89,075$ 170,050$215,950$ 539,900$ 170,050$215,950$ 539,900$0$ 20,550$ 83,550$ 178,150Schedule Y-1-Married Filing Jointly or Qualifying Widow(er)If taxable income is over: But not over:$ 20,550$ 83,550$ 178,150$ 340,100$431,900$ 647,850$340,100$431,900$647,850Schedule Z-Head of HouseholdIf taxable income is over: But not over:$0$ 14,650$ 14,650$ 55,900$ 55,900$ 89,050$ 89,050$ 170,050$215,950$ 539,900$ 170,050$ 215,950$539,900Schedule Y-2-Married Filing SeparatelyIf taxable income is over: But not over:$ 10,275$ 41,775$ 89,075$ 170,050$215,950$ 323,925$0$ 10,275$ 41,775$ 89,075$ 170,050$215,950$323,925Type here to searchThe 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$162.718 plus 37% of the excess over $539,900The tax is:10% of taxable income$2,055 plus 12% of the excess over $20,550$9,615 plus 22% of the excess over $83,550$30,427 plus 24% of the excess over $178,150$69,295 plus 32% of the excess over $340,100$98,671 plus 35% of the excess over $431,900$174.253.50 plus 37% of the excess over $647,850The tax is:10% of taxable income$1,465 plus 12% of the excess over $14,650$6,415 plus 22% of the excess over $55,900$13,708 plus 24% of the excess over $89,050$33,148 plus 32% of the excess over $170,050$47,836 plus 35% of the excess over $215,950$161,218.50 plus 37% of the excess over $539,900The tax is:S10% 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$87,126.75 plus 37% of the excess over $323,925

There are different rate for the tax for single and married and house hold. And tax depends on the…

taxable income is over: But not over: $ 10,275 $ 41,775 $ 89,075 $ 170,050 $ 215,950 $ 539,900 $ 0 $ 10,275 $ 41,775 $ 89,075 $ 170,050 $215,950 The tax is: 10% of taxable income $1,027.50 plus 12% of the excess over $ $4,807.50 plus 22% of the excess over $- $15,213.50 plus 24% of the excess over $34,647.50 plus 32% of the excess over $49.335.50 plus 35% of the excess over S

taxable income is over: But not over: $ 10,275 $ 41,775 $ 89,075 $ 170,050 $ 215,950 $ 539,900 $ 0 $ 10,275 $ 41,775 $ 89,075 $ 170,050 $215,950 The tax is: 10% of taxable income $1,027.50 plus 12% of the excess over $ $4,807.50 plus 22% of the excess over $- $15,213.50 plus 24% of the excess over $34,647.50 plus 32% of the excess over $49.335.50 plus 35% of the excess over S

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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K The Lees, a family of two adults and two dependent children under age 16, had a gross annual income of $72,000.00 for 2020. Determine their standard deduction and child tax credit amounts, as well as their marginal and average tax rates, assuming their filing status is married filing jointly. Why is their average tax rate lower than their marginal rate? ... Assuming the Lees' filing status is married filing jointly spouse, their standard deduction for the 2020 tax year is $ deduction table: . (Enter the amount to the nearest cent.) Click the following link for a standard
Answer sub question d and e.
a. Tyler and Candice are married and file a joint tax return. They have adjusted gross income of $39,800 before considering their Social Security benefits, no tax-exempt interest, and $13,930 of Social Security benefits. As a result, s of the Social Security benefits are taxable. b. Assume Tyler and Candice have adjusted gross income of $16,000 before considering their Social Security benefits, no tax-exempt Interest, and $17,600 of Social Security benefits. As a result, of the Social Security benefits are taxable. c. Assume Tyler and Candice have adjusted gross income of $119,500 before considering their Social Security benefits, no tax-exempt interest, and $17,925 of Social Security benefits. As a result, s of the Social Security benefits are taxable.
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Alan and Sara Winthrop are a married couple who file a joint income tax return. They have two children, and they have legitimate itemized deductions totaling $25,500. Their total income from wages is $282,000. Assume the following tax table is applicable: Married Couples Filing Joint Returns If Your Taxable Income Is You Pay This Amount on the Base of the Bracket Plus This Percentage on the Excess over the Base Average Tax Rate at Top of Bracket Up to $19,750 $0.00 10.0% 10.0% $19,750-$80,250 1,975.00 12.0 11.5 $80,250-$171,050 9,235.00 22.0 17.1 $171,050-$326,600 29,211.00 24.0 20.4 $326,600-$414,700 66,543.00 32.0 22.8 $414,700-$622,050 94,735.00 35.0 26.9 Over $622,050 167,307.50 37.0 37.0 What is their marginal tax rate? a. 35.0% b. 32.0% c. 12.0% d. 24.0% e. 22.0%
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Alan and Sara Winthrop are a married couple who file a joint income tax return. They have two children, and they have legitimate itemized deductions totaling $27,500. Their total income from wages is $233,400. Assume the following tax table is applicable: Married Couples Filing Joint Returns If Your Taxable Income Is You Pay This Amount on the Base of the Bracket Plus This Percentage on the Excess over the Base Average Tax Rate at Top of Bracket Up to $19,750 $0.00 10.0% 10.0% $19,750-$80,250 1,975.00 12.0 11.5 $80,250-$171,050 9,235.00 22.0 17.1 $171,050-$326,600 29,211.00 24.0 20.4 $326,600-$414,700 66,543.00 32.0 22.8 $414,700-$622,050 94,735.00 35.0 26.9 Over $622,050 167,307.50 37.0 37.0 What is their marginal tax rate?
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