James and Mary are married and file a joint tax return. Together, their taxable income is...

James and Mary are married and file a joint tax return. Together, their taxable income is $80,000. How much will they pay in taxes? (Round answers to 0 decimal place, e.g. 5275.)

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Expert Solution

Particulars	Amount	Amount
Gross income:
Salary	$ 80,000
Interest	$ -
Other income	$ -
Gross income		$ 80,000
For AGI deductions		$ -
Adjusted gross income		$ 80,000

Less:
Standard deduction	$ 24,400
Itemized deduction	$ -
Higher of the two		$ 24,400
Taxable income		$ 55,600

Income tax liability		$ 6,284.00
[ 1940 + ( 55600 - 19400 ) × 0.12 ]

Tax liability is 6284

ekkarill92 answered 1 year ago

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