compute the tax
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter9: Individuals As Taxpayers
Section: Chapter Questions
Problem 2CE
Related questions
Question
use the marginal tax rates in the table below to compute the tax owed in the following situation.
Winona and Jim are married filing jointly, with a taxable income of $288,000. They are entitled to a $6000 tax credit.
Solve.
The tax owed is $. enter your response here.
|
Tax Rate
|
Married filing jointly |
|---|---|
|
10%
|
up to $18,650
|
|
15%
|
up to $75,900
|
|
25%
|
up to $153,100
|
|
28%
|
up to $233,350
|
|
33%
|
up to $416,700
|
|
35%
|
up to $470,700
|
|
39.6%
|
above $470,700
|
|
Standard deduction
|
$12,700
|
|
Exemption
(per person)
|
$4050
|
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