Question

In: Advanced Math

Gabriella and Steve have adjusted gross incomes of ​$47 comma 200 and ​$32 comma 700​, respectively....

Gabriella and Steve have adjusted gross incomes of ​$47 comma 200 and ​$32 comma 700​, respectively. Assume that each person takes one exemption and the standard deduction. Answer parts ​(a) through ​(c) below.

Tax Rate

Single

Married Filing Jointly

​10%

up to​ $8,925

up to ​$17,850

​15%

up to​ $36,250

up to​ $72,500

​25%

up to​ $87,850

up to​ $146,400

​28%

up to​ $183,250

up to​ $223,050

Standard Deduction

​$6100

​$12,200

Exemptions​ (per person)

​$3900

​$3900

a. Calculate the tax owed by the couple if they delay their marriage until next year so they can each file a tax return at the single tax rate this year.

The couple owes ______

​(Simplify your answer. Round to the nearest dollar as​ needed.)

b. Calculate the tax owed by the couple if they marry before the end of the year and file a joint return.

The couple owes____________

​(Simplify your answer. Round to the nearest dollar as​ needed.)

c. Does the couple face a​ "marriage penalty" if they marry before the end of the​ year?

Solutions

Expert Solution


Related Solutions

The Wall Street Journal reported that 33% of taxpayers with adjusted gross incomes between $30,000 and...
The Wall Street Journal reported that 33% of taxpayers with adjusted gross incomes between $30,000 and $60,000 itemized deductions on their federal income tax return. The mean amount of deductions for this population of taxpayers was $15,071. Assume that the standard deviation is 82,790. Use 2-table. a. What is the probability that a sample of taxpayers from this income group who have itemized deductions will show a sample mean within $200 of the population mean for each of the following sample...
The Wall Street Journal reported that 33% of taxpayers with adjusted gross incomes between $30,000 and...
The Wall Street Journal reported that 33% of taxpayers with adjusted gross incomes between $30,000 and $60,000 itemized deductions on their federal income tax return. The mean amount of deductions for this population of taxpayers was $17,696. Assume that the standard deviation is o = $2,256. Use z-table. a. What is the probability that a sample of taxpayers from this income group who have itemized deductions will show a sample mean within $229 of the population mean for each of the...
The Wall Street Journal reported that 33% of taxpayers with adjusted gross incomes between $30,000 and...
The Wall Street Journal reported that 33% of taxpayers with adjusted gross incomes between $30,000 and $60,000 itemized deductions on their federal income tax return. The mean amount of deductions for this population of taxpayers was $17,743. Assume that the standard deviation is σ = $2,581. Use z-table. a. What is the probability that a sample of taxpayers from this income group who have itemized deductions will show a sample mean within $227 of the population mean for each of...
The Wall Street Journal reports that 33% of taxpayers with adjusted gross incomes between $30,000 and...
The Wall Street Journal reports that 33% of taxpayers with adjusted gross incomes between $30,000 and $60,000 itemized deductions on their federal income tax return. The mean amount of deductions for this population of taxpayers was $16,642. Assume the standard deviation is σ = $2,400. (a) What is the probability that a sample of taxpayers from this income group who have itemized deductions will show a sample mean within $200 of the population mean for each of the following sample...
The Wall Street Journal reports that 33% of taxpayers with adjusted gross incomes between $30,000 and...
The Wall Street Journal reports that 33% of taxpayers with adjusted gross incomes between $30,000 and $60,000 itemized deductions on their federal income tax return. The mean amount of deductions for this population of taxpayers was $16,642. Assume the standard deviation is σ = $2,400. (a) What is the probability that a sample of taxpayers from this income group who have itemized deductions will show a sample mean within $200 of the population mean for each of the following sample...
The Wall Street Journal reported that of taxpayers with adjusted gross incomes between and itemized deductions...
The Wall Street Journal reported that of taxpayers with adjusted gross incomes between and itemized deductions on their federal income tax return. The mean amount of deductions for this population of taxpayers was . Assume that the standard deviation is . Use z-table. a. What is the probability that a sample of taxpayers from this income group who have itemized deductions will show a sample mean within of the population mean for each of the following sample sizes: , ,...
For the year 2010, 33% of taxpayers with adjusted gross incomes between $30,000 and $60,000 itemized...
For the year 2010, 33% of taxpayers with adjusted gross incomes between $30,000 and $60,000 itemized deductions on their federal income tax return. The mean amount of deductions for this population of taxpayers was $16,642. Assume that the standard deviation is σ = $2,220. If required, round your answer to two decimal places. (a) What are the sampling distributions of x for itemized deductions for this population of taxpayers for each of the following sample sizes: 30, 50, 100, and...
The Wall Street Journal reports that 33% of taxpayers with adjusted gross incomes between $30,000 and...
The Wall Street Journal reports that 33% of taxpayers with adjusted gross incomes between $30,000 and $60,000 itemized deductions on their federal income tax return. The mean amount of deductions for this population of taxpayers was $16,642. Assume the standard deviation is σ = $2,400. (a) What is the probability that a sample of taxpayers from this income group who have itemized deductions will show a sample mean within $200 of the population mean for each of the following sample...
The Wall Street Journal reported that 33% of taxpayers with adjusted gross incomes between $30,000 and...
The Wall Street Journal reported that 33% of taxpayers with adjusted gross incomes between $30,000 and $60,000 itemized deductions on their federal income tax return. The mean amount of deductions for this population of taxpayers was $16,675 . Assume that the standard deviation is $2,645 . Use z-table. a. What is the probability that a sample of taxpayers from this income group who have itemized deductions will show a sample mean within $194 of the population mean for each of...
The Wall Street Journal reported that 33% of taxpayers with adjusted gross incomes between $30,000 and...
The Wall Street Journal reported that 33% of taxpayers with adjusted gross incomes between $30,000 and $60,000 itemized deductions on their federal income tax return. The mean amount of deductions for this population of taxpayers was $16,928 . Assume that the standard deviation is $2,903. (a) What is the probability that a sample of taxpayers from this income group who have itemized deductions will show a sample mean within $151 of the population mean for each of the following sample...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT