000 ME\' MyCoursesinancial Management 1 Section 03 Summ Al Classlist Content Ass

Question

000 ME' MyCoursesinancial Management 1 Section 03 Summ Al Classlist Content Assignments Quizzes Discussions Grades Attendance Mo Chapter 3 Est. Length: 2:00:00 Nina Thornhill: Attempt 1 Question 21 (1 point) ara Winthrop are a married couple who file a joint income tax return. They have two children, so they clairm a total of 4 exemptions. In addition, they have legitimate itemized deductions totaling $25,750. Their total income from wages is $300,500. Assume the following tax table is applicable Married Couples Filing Joint Returns You Pay This Amount on the Base of the Bracket Plus This PercentageAverage Tar on the Excess over theRate at If Your Taxable Income Is Base Top of Bracket 100% 15.0 25.0 28.0 33.0 35 0 39.6 10.0% 13.8 19.4 Up to $18,450 S $18,450-$74,900 $74,900-$151,200 $151,200-5230,450 $230,450-$411,500 $411,500-$464,850 111,324.00 Over $464,850 1,845.00 10,312 50 29,387.50 51,577.50 27.1 28.0 39.6 129,996 50 What is their federal tax liability $62,744.50 $46,906,25 $45,687.50 $51,779.00 CORE IS

Explanation / Answer

total income 300500 less :itemized deductions -25750 less :personal exemptions -16000 (4000*4) taxable income 258750 base tax 51577.5 from table add:marginal tax 9339 (258750-230450)*33% tax liability 60916.5 answer

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