A married couple are calculating their federal income tax using the tax rate tables:If Taxpayer's Income Is...Then Estimated Taxes Are...BetweenBut Not OverBase Tax+ RateOf the Amount Over$0$16,700$010%$0$16,700$67,900$1,670.0015%$16,700$67,900$137,050$9,350.0025%$67,900$137,050$208,850$26,637.5028%$137,050$208,850$372,950$46,741.5033%$208,850$372,950- - - - -$100,894.5035%$372,950 How much tax will they have to pay on their taxable income of $112,000?

Given taxable income = $112,000 It falls in the bracket of $67,900 to $137,050 as per given tax…

Answered: A married couple are calculating their…

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter12: Tax Administration And Tax Planning

Section: Chapter Questions

Problem 22MCQ: Melodie's taxable income is $39,000 and she pays income tax of $4,489. If Melodie's taxable income...

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A married couple are calculating their federal income tax using the tax rate tables:

If Taxpayer's Income Is...	Then Estimated Taxes Are...
Between	But Not Over	Base Tax	+ Rate	Of the Amount Over
$0	$16,700	$0	10%	$0
$16,700	$67,900	$1,670.00	15%	$16,700
$67,900	$137,050	$9,350.00	25%	$67,900
$137,050	$208,850	$26,637.50	28%	$137,050
$208,850	$372,950	$46,741.50	33%	$208,850
$372,950	- - - - -	$100,894.50	35%	$372,950

How much tax will they have to pay on their taxable income of $112,000?

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