Seth and Vanessa are married and filing jointly. Their taxable income is $140,52

Question

Seth and Vanessa are married and filing jointly. Their taxable income is $140,526. Use the Tax Rate Schedule, Exhibit 18-4 from your text, to find their tax liability. (Round your answer to the nearest cent if necessary)

a.) $35,284.08

      
b.) $26,844.00

      
c.) $33,067.28

      
d.) $39,347.28

le vita source.com/*/booksl ST8130 886803/Cfi/63/l/4/4@0.0023.7 Taxable income Enter the amount from Multiplication Multiply Subtraction Enter the result here and If line 43 is- line 43 amount (a) by (b) amount on Form 1040, line 44 At least $100,000 but not over x 28% (.28) $6,824.25 $186,350 Over $186,350 but not over x 33% (.33) $16, 141.75 $405,100 Over $405, 100 but not over x 35% (35) $24,243.75 $406,750 over $406,750 39.6% (396) $42,954.25 Section B Use if your filing status is Married filing jointly or Qualifying widow(e). Complete the row below that applies to you. Tax. (a) (b) Subtract (d) from (c) (d) Enter the amount from Multiplication Multiply Subtraction Enter the result here and Taxable income. If line 43 is line 43 amount (a) by (b) amount on Form 1040, line 44. At least $100,000 but not over x 25% (25) $8,287.50 $148,850 Over $148,850 but not over $12,753.00 $226,850 Over $226,850 but not over $24,095.50 S $405,100 Over $405,100 but not over $32,197.50 600 Over $457,600 $53,247.10 Section C Use if your filing status is Married filing separately. Complete the row below that applies to you Tax. be here to searc

Explanation / Answer

Section B is to be used since Married filing jointly.

Taxable income: 140,526.

First row is applicable: At least 100,000 but not over 140,850:

(b) Multiplication amount X 0.25:

So, we get:

(c) 140,526 X 0.25 = 35,131.50

(d) Subtraction amount: 8,287.50:

So, Tax = 35,131.50 - 8287.50 = 26,844

So,

correct option:

b) 26,844.00

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