6.67 points Use the following tax rates and income brackets for 2015 to answer t

Question

6.67 points Use the following tax rates and income brackets for 2015 to answer the question. Tax Rates 10% 15% 25% 28% 33% 35% Individual Returns $0 to $9075 $9076 to 36900 S36901 to 89350 $89351 to 186350 $186351 to 405100 $405101 to $406750 Joint Returns S0 to 18150 $18151 to 73800 S73801 to 148850 S148851 to 226850 $226851 to 405100 $405101 to 457600 In 2015, John and Nicole earned a combined taxable income of $148,800 from employment plus $1,000 in long term capital gains and they file a joint tax return. What is their total federal income tax? Round to the nearest dollar. None of the answers is correct $31,432 $24,221 $29,063 $26,920

Explanation / Answer

Total taxable income = 148,800 + 1,000 = 149,800 under joint return

We need to use joint return tax slab

Tax = 18,150 * 0.10 + (73,800 - 18,150)*0.15 + (148,850 - 73,800)*0.25 + (149,800 - 148,850)*0.28

Tax = 29,191

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