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
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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-Single
If 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
$ 178,150
Schedule 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
$647,850
Schedule Z-Head of Household
If 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
$539,900
Schedule Y-2-Married Filing Separately
If 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
$323,925
Type here to search
The 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 $539,900
The 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 $647,850
The 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 $539,900
The tax is:
S
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
$87,126.75 plus 37% of the excess over $323,925
Transcribed Image Text:Schedule X-Single If 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 $ 178,150 Schedule 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 $647,850 Schedule Z-Head of Household If 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 $539,900 Schedule Y-2-Married Filing Separately If 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 $323,925 Type here to search The 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 $539,900 The 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 $647,850 The 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 $539,900 The tax is: S 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 $87,126.75 plus 37% of the excess over $323,925
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