A married couple with 3 children is filing taxes jointly. They have a gross inco
ID: 2332301 • Letter: A
Question
A married couple with 3 children is filing taxes jointly. They have a gross income of $441662, and they made the following tax-deductible purchases: Charitable contributions: $8969 Medical expenses: $2053 Mortgage interest: $5047 Compute their final income tax using the following information: Married Individuals Filing Joint Returns and Surviving Spouses If Taxable Income Is Between: 0 $19,050 $19,051 $77,400 $77,401 $165,000 $165,001 $315,000 $315,001 $400,000 $400,001 $600,000 The Tax Due Is 10% of taxable income $1,905 + 12% of the amount over $19,050 $8,907 + 22% of the amount over $77,400 $28,179 + 24% of the amount over $165,000 $64,179 + 32% of the amount over $315,000 $91,379 + 35% of the amount over $400,000 $161,379 + 37% of the amount over $600,000 $600,001 Round your answer to the nearest dollar. Recall the standard deduction for married filers: $24,000Explanation / Answer
NOTE: Assuming that you were still legally married as of December 31, 2017 for filing return severally or jointly COMPUTATION OF FINAL INCOME TAX(FILED JOINTLY) ($) Gross Income 441,662.00 Less Standard Deduction(Married) 24,000.00 Less Charitable Expenses 8,969.00 Less Medical Expenses 2,053.00 Less Mortgage Expenses 5,047.00 Taxable Income 401,593.00 Tax on Taxable Income 91,936.55 (TAXABLE INCOME IS BETWEEN $400001-$600000) $91379+ 35% of the amount above $400000 COMPUTATION OF INCOME TAX OF JOANNA ($) Gross Salary 83,067.00 Less Standard deduction(heads of household) 18,000.00 Less Educational Expenses 11,147.00 Taxable Income 53,920.00 Tax on Taxable Income 6410.18 (TAXABLE INCOME IS BETWEEN $51801-$82500) $5944+22% of the amount above $51800 Note: Standard Deduction is taken assuming that you have fulfilled all conditions for heads of household)
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