In: Finance
J.P Buffet is a married investor with annual taxable income of 105500. How much will J.P pay in federal income tax when he files joint return?
total tax payable =14927
income left | taxable income | tax bracket | tax rate | tax payable |
105500 | 19400 | 0-19400 | 10% | 1940 |
86100 | 59550 | 19400-78950 | 12% | 7146 |
26550 | 26550 | 78950-168400 | 22% | 5,841.00 |
total tax payable | 14,927.00 |