In 2017, Jasmine and Thomas, a married couple, had taxable income of $150,000. If they were...

In 2017, Jasmine and Thomas, a married couple, had taxable income of $150,000. If they were to file separate tax returns, Jasmine would have reported taxable income of $140,000 and Thomas would have reported taxable income of $10,000. Use Tax Rate Schedule for reference.

What is the couple’s marriage penalty or benefit? (Do not round intermediate calculations. Round your answer to 2 decimal places. Input the amount as positive value.)

Expert Solution

Answer

Married Couple	Taxable Income	Tax if jointly filed	Tax if single
Jasmine	140,000		32,181.75
Thomas	10,000		1,033.75
Jointly	150,000	28,977.50	33,215.50

Tax on Jointly Filed = $10452.5 + 25%* (150000-75900)

= 28,977.50

Tax if filed separately

Jasmine = $18713.75 + 28%* (140000-91900)

= $32,181.75

Thomas = $932.5 + 15%* (10000-9325)

= $1,033.75

Marriage benefit = $4,238 (33,215.50 - 28,977.50)

ekkarill92 answered 2 years ago

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