To find the amount of income tax for a couple claiming married filing jointly status with incomes of $57,235 and $79,300, we first need to determine their total taxable income.
Total taxable income = $57,235 + $79,300 = $136,535
Next, we need to find the tax bracket that their total taxable income falls into. Looking at the tax table, their total taxable income of $136,535 falls into the 25% tax bracket.
Now we need to calculate the tax amount for each portion of their income that falls into a different tax bracket.
In the 15% tax bracket:
Tax for $18,500 at 10% = $18,500 * 10% = $1,850
Tax for $37,650 - $18,500 = $19,150 at 15% = $19,150 * 15% = $2,873
Total tax in 15% bracket = $1,850 + $2,873 = $4,723
In the 25% tax bracket:
Tax for $136,535 - $75,300 = $61,235 at 25% = $61,235 * 25% = $15,309
Total tax in 25% bracket = $15,309
Adding up the total tax in each bracket:
Total tax = $4,723 + $15,309 = $20,032
So, the amount of income tax for the couple claiming married filing jointly status with incomes of $57,235 and $79,300 is $20,032.
Use the following table to answer all questions for the situation. Show all work. Round all amounts to the nearest dollar. Use a calculator if needed.
2016 Federal Tax Rates
Tax Rate Single Head of Household Married Filing Jointly
If income is- If income is- If income is-
At least But no more than At least But no more than At least But no more than
10% $0 $9,275 $0 $13,250 $0 $18,500
15% 9,276 37,650 13,251 50,440 18,501 75,300
25% 37,651 91,150 50,441 130,150 75,301 151,900
28% 91,151 190,150 130,151 210,800 151,901 231,450
33% 190,151 413,350 210,801 413,350 231,451 413,350
35% 413,351 415,050 413,351 441,000 413,351 466,950
39.6% 415,051 ------- 441,001 -------
466,951 -------
Find the amount of income tax for a couple claiming married filing jointly status. Mr. Slater earns $57,235 a year, and Mrs. Slater earns $79,300 a year.
Using the tax table and situation, answer the question.
25% tax bracket
Amount of taxable income at
: _________
$104,095
$61,235
$45,403
1 answer