In 2022, Jasmine and Thomas, a married couple, had taxable income of $160,000. If they were to file separate tax returns, Jasmine would have reported taxable income of $150,000 and Thomas would have reported taxable income of $10,000. -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

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In 2022, Jasmine and Thomas, a married couple, had taxable income of $160,000. If they were to file separate tax returns, Jasmine would have reported taxable income of $150,000 and Thomas would have reported taxable income of $10,000. -what is the couples marriage benefit?

In 2022, Jasmine and Thomas, a married couple, had taxable income of $160,000. If they were to file separate tax returns, Jasmine would have reported taxable income of $150,000 and Thomas would have reported taxable income of $10,000. -what is the couples marriage benefit?

Personal Finance

13th Edition

ISBN:9781337669214

Author:GARMAN

Publisher:GARMAN

Chapter4: Managing Income Taxes

Section: Chapter Questions

Problem 3DTM

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In 2021, Jasmine and Thomas, a married couple, had taxable income of $150,000. If they were to file separate tax returns, Jasmine would have reported taxable income of $140,000 and Thomas would have reported taxable income of $10,000. Use Tax Rate Schedule for reference. What is the couple's marriage penalty or benefit? (Do not round intermediate calculations.)
Таx Rate Schedules If Taxable income is Married Married Head of filing jointly* sepa- rately At least Single But less than filing a house- hold Your tax is- Schedule Y-1–If your filing status is Married filing jointly or Qualifying widow(er) 75,000 The Tax Due Is: of the If Taxable income is Between But not аmount 75,000 75,050 75.100 75,050 75,100 75,150 75,200 75,250 12,445 12,456 12,467 12,478 12,489 8,622 8,628 8.634 12,445 12,456 12,467 12,478 12,489 11,054 11,065 11,076 11,087 11,098 Over- over- over- $0 19,050 10% $0 75,150 75,200 8,640 8,646 19,051 77,400 $1,905 + 12% 19,050 75,300 75,350 75,400 75,400 75,450 75,500 75,250 8,652 8,658 8,664 8,670 8,676 11,109 12,500 12,511 12,522 12,533 12,544 12,500 12,511 12,522 12,533 12,544 77,401 165,000 8,907 + 22% 77,400 75,300 75,350 11,120 11,131 11,142 11,153 165,001 315,000 28,179 + 24% 165,000 75,450 315,001 400,000 64,179 + 32% 315,000 75,500 11,164 12,555 12,566 12,577 12,588 600,000 75,550 75,600 75,650 75,700 75,750 12,555…
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Married Filing Jointly If Taxable Income Is Between: Then the Tax Due Is: $0 - $0 - $19,400$19,400 10%10% of taxable income $\$19{,}401\textsf{ - }$ $78,950$78,950 $1940+12%$1940+12% of the amount over $19,400$19,400 $\$78{,}951\textsf{ - }$ $\$168{,}400$ $9086+22%$9086+22% of the amount over $78,950$78,950 $\$168{,}401\textsf{ - }$ $321,450$321,450 $28,765+24%$28,765+24% of the amount over $168,400$168,400 $\$321{,}451\textsf{ - }$ $408,200$408,200 $65,497+32%$65,497+32% of the amount over $321,450$321,450 $\$408{,}201\textsf{ - }$ $612,350$612,350 $93,257+35%$93,257+35% of the amount over $408,200$408,200 $612,351+$612,351+ $164,709.50+37%$164,709.50+37% of the amount over $612,350$612,350 A married couple filing jointly has a taxable income of $75,000.$75,000. How much will they pay in federal income taxes?
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