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?
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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…Individuals Schedule X - Single Schedule Y-1 - Married Filing Jointly or Qualifying surviving spouse Schedule Z - Head of Household Schedule Y-2- Married Filing SeparatelyLeonardo, who is married but files separately, earns $ 80,000 of taxable income. He also has $15,000 in city of Tulsa bonds. His wife, Theresa, earns $50,000 of taxable income. If Leonardo and his wife are married filing jointly in 2023, what is Leonardo and Theresa's effective tax rate for 2023? (Use tax rate schedule) Note: Round your final answer to two decimal places. Group of answer choices 12.00 percent 16.96 percent 19.26 percent 22.00 percent None of the choices are correct.
- Use the Tax Rate Tables, Exhibit 18-3, to calculate the tax liability (in $) for the taxpayer. Name Filing Status Taxable Income Williams single $65,400 $ Tax LiabilityProblem 8-68 (LO 8-3) (Algo) Eva received $78,000 in compensation payments from JAZZ Corporation during 2022. Eva incurred $13,500 in business expenses relating to her work for JAZZ Corporation JAZZ did not reimburse Eva for any of these expenses. Eva is single and deducts a standard deduction of $12,950. Based on these facts, answer the following questions: Use Tax Rate Schedule for reference. Note: Leave no answer blank. Enter zero if applicable. Round your intermediate and final answers to the nearest whole dollar amount. Required: a. Assume that Eva is considered to be an employee. What amount of FICA taxes is she required to pay for the year? b. Assume that Eva is considered to be an employee. What is her regular income tax liability for the year? c. Assume that Eva is considered to be a self-employed contractor. What are her self-employment tax liability and additional Medicare tax liability for the year? d. Assume that Eva is considered to be a self-employed contractor. What is…Geronimo files his tax return as a head of household for year 2022. If his taxable income is $74,200, what is his average tax rate? (Use tax rate schedu Note: Round your final answer to two decimal places. Multiple Choice O O O O PUUSEEN BOGADO 14.07 percent 16.33 percent 11.69 percent 22.00 percent Saved None of the choices are correct. Help S
- Susan and Stan Britton are a married couple who file a joint income tax return, where the tax rates are based on the tax table 3.5. Assume that their taxable income this year was $320,000. Do not round Intermediate calculation. a. What is their federal tax liability? Round your answer to the nearest dollar. $ b. What is their marginal tax rate? Round your answer to the nearest whole number. % c. What is their average tax rate? Round your answer to two decimal places. %Single Individuals If Your Taxable Income Is Up to $9,875 $9,875-$40,125 $40,125-$85,525 If Your Taxable Income Is You Pay This Amount on the Base of the Bracket $ $85,525-$163,300 $163,300-$207,350 $207,350-$518,400 Over $518,400 Married Couples Filing Joint Returns Up to $19,750 $19,750-$80,250 $80,250-$171,050 $171,050-$326,600 $326,600-$414,700 $414,700-$622,050 Over $622,050 0.00 987.50 4,617.50 14,605.50 33,271.50 47,367.50 156,235.00 You Pay This Amount on the Base of the Bracket $ 0.00 1,975.00 9,235.00 29,211.00 66,543.00 94,735.00 167,307.50 Plus This Percentage on the Excess over the Base (Marginal Rate) 10.0% 12.0 22.0 24.0 32.0 35.0 37.0 2020 Individual Tax Rates Plus This Percentage on the Excess over the Base (Marginal Rate) 10.0% 12.0 22.0 24.0 32.0 35.0 37.0 Average Tax Rate at Top of Bracket 10.0% 115 17.1 20.4 22.8 30.1 37.0 Average Tax Rate at Top of Bracket 10.0% 11.5 17.1 20.4 22.8 26.9 37.0 Notes: 1. These are the 2020 tax rates that will be paid on tax returns…Mary Jarvis is a single individual who is working on filing her tax return for the previous year. She has assembled the following relevant information: She received $110,000 in salary. She received $13,000 of dividend income. She received $3,900 of interest income on Home Depot bonds. She received $22,000 from the sale of Disney stock that was purchased 2 years prior to the sale at a cost of $8,000. She received $9,000 from the sale of Google stock that was purchased 6 months prior to the sale at a cost of $5,700. Mary only has allowable itemized deductions of $5,700, so she will take the standard deduction of $12,400. The standard deduction is subtracted from her gross income to determine her taxable income. Assume that her tax rates are based on Table 3.5. ● a. What is Mary's federal tax liability? Enter your answer as a positive value. Do not round intermediate calculations. Round your answer to the nearest cent. b. What is her marginal tax rate? Do not round intermediate…
- 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?LO.9 The Pheasant Partnership reported the following items in the current year. a. What is Pheasants ordinary income (or loss)? b. What are Pheasants separately stated items?Question 13: Louisa is an employee of Maroon Corp. Louisa files as Married Filing Jointly on her tax return. Over what amount will Maroon Corp. begin to withhold the additional Medicare tax from her earnings? Answer: A. SO В. O $125.000 C. O $200,000 D. $250,000