SlideShare a Scribd company logo
1 of 2
Download to read offline
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.)
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)
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

More Related Content

More from lohithkart

5. A child’s toy oven uses an incandescent light bulb to bake cookie.pdf
5. A child’s toy oven uses an incandescent light bulb to bake cookie.pdf5. A child’s toy oven uses an incandescent light bulb to bake cookie.pdf
5. A child’s toy oven uses an incandescent light bulb to bake cookie.pdf
lohithkart
 
8. Upon reviewing former CEO Jeff Swartz’s final blog post, do you a.pdf
8. Upon reviewing former CEO Jeff Swartz’s final blog post, do you a.pdf8. Upon reviewing former CEO Jeff Swartz’s final blog post, do you a.pdf
8. Upon reviewing former CEO Jeff Swartz’s final blog post, do you a.pdf
lohithkart
 
Write a program that moves the ball in a pane. You should define a pa.pdf
Write a program that moves the ball in a pane. You should define a pa.pdfWrite a program that moves the ball in a pane. You should define a pa.pdf
Write a program that moves the ball in a pane. You should define a pa.pdf
lohithkart
 
1. Answer the following questions about OSI modela.At which layer.pdf
1. Answer the following questions about OSI modela.At which layer.pdf1. Answer the following questions about OSI modela.At which layer.pdf
1. Answer the following questions about OSI modela.At which layer.pdf
lohithkart
 
17. Of these, which represents a heterozygote a. aa b. Aa c. .pdf
17. Of these, which represents a heterozygote a. aa b. Aa c. .pdf17. Of these, which represents a heterozygote a. aa b. Aa c. .pdf
17. Of these, which represents a heterozygote a. aa b. Aa c. .pdf
lohithkart
 
The symbiotic relationship in which the symbiotic benefits from the r.pdf
The symbiotic relationship in which the symbiotic benefits from the r.pdfThe symbiotic relationship in which the symbiotic benefits from the r.pdf
The symbiotic relationship in which the symbiotic benefits from the r.pdf
lohithkart
 
What are brain ventricles. and what functions have been ascribed to t.pdf
What are brain ventricles. and what functions have been ascribed to t.pdfWhat are brain ventricles. and what functions have been ascribed to t.pdf
What are brain ventricles. and what functions have been ascribed to t.pdf
lohithkart
 
USING JAVAThere are at least two types of nearly sorted array.pdf
USING JAVAThere are at least two types of nearly sorted array.pdfUSING JAVAThere are at least two types of nearly sorted array.pdf
USING JAVAThere are at least two types of nearly sorted array.pdf
lohithkart
 
2. Using our sample data, construct a 95 confidence interval for th.pdf
2. Using our sample data, construct a 95 confidence interval for th.pdf2. Using our sample data, construct a 95 confidence interval for th.pdf
2. Using our sample data, construct a 95 confidence interval for th.pdf
lohithkart
 
Review diffusion and the function of cell membranes by matching each .pdf
Review diffusion and the function of cell membranes by matching each .pdfReview diffusion and the function of cell membranes by matching each .pdf
Review diffusion and the function of cell membranes by matching each .pdf
lohithkart
 
4 A common symptom of pharyngitis is swelling of the anterior cervica.pdf
4 A common symptom of pharyngitis is swelling of the anterior cervica.pdf4 A common symptom of pharyngitis is swelling of the anterior cervica.pdf
4 A common symptom of pharyngitis is swelling of the anterior cervica.pdf
lohithkart
 

More from lohithkart (17)

Contrast apomixis with sexual reproduction in flowering plantsSo.pdf
Contrast apomixis with sexual reproduction in flowering plantsSo.pdfContrast apomixis with sexual reproduction in flowering plantsSo.pdf
Contrast apomixis with sexual reproduction in flowering plantsSo.pdf
 
Before dawn Josh hurriedly packed some clothes for a job-interview t.pdf
Before dawn Josh hurriedly packed some clothes for a job-interview t.pdfBefore dawn Josh hurriedly packed some clothes for a job-interview t.pdf
Before dawn Josh hurriedly packed some clothes for a job-interview t.pdf
 
5. A child’s toy oven uses an incandescent light bulb to bake cookie.pdf
5. A child’s toy oven uses an incandescent light bulb to bake cookie.pdf5. A child’s toy oven uses an incandescent light bulb to bake cookie.pdf
5. A child’s toy oven uses an incandescent light bulb to bake cookie.pdf
 
8. Upon reviewing former CEO Jeff Swartz’s final blog post, do you a.pdf
8. Upon reviewing former CEO Jeff Swartz’s final blog post, do you a.pdf8. Upon reviewing former CEO Jeff Swartz’s final blog post, do you a.pdf
8. Upon reviewing former CEO Jeff Swartz’s final blog post, do you a.pdf
 
Write a program that moves the ball in a pane. You should define a pa.pdf
Write a program that moves the ball in a pane. You should define a pa.pdfWrite a program that moves the ball in a pane. You should define a pa.pdf
Write a program that moves the ball in a pane. You should define a pa.pdf
 
1. Answer the following questions about OSI modela.At which layer.pdf
1. Answer the following questions about OSI modela.At which layer.pdf1. Answer the following questions about OSI modela.At which layer.pdf
1. Answer the following questions about OSI modela.At which layer.pdf
 
17. Of these, which represents a heterozygote a. aa b. Aa c. .pdf
17. Of these, which represents a heterozygote a. aa b. Aa c. .pdf17. Of these, which represents a heterozygote a. aa b. Aa c. .pdf
17. Of these, which represents a heterozygote a. aa b. Aa c. .pdf
 
When a researcher is working with a large set of scale data, whic.pdf
When a researcher is working with a large set of scale data, whic.pdfWhen a researcher is working with a large set of scale data, whic.pdf
When a researcher is working with a large set of scale data, whic.pdf
 
Which functions of the lymphatic system are not assisted by another s.pdf
Which functions of the lymphatic system are not assisted by another s.pdfWhich functions of the lymphatic system are not assisted by another s.pdf
Which functions of the lymphatic system are not assisted by another s.pdf
 
The symbiotic relationship in which the symbiotic benefits from the r.pdf
The symbiotic relationship in which the symbiotic benefits from the r.pdfThe symbiotic relationship in which the symbiotic benefits from the r.pdf
The symbiotic relationship in which the symbiotic benefits from the r.pdf
 
What are brain ventricles. and what functions have been ascribed to t.pdf
What are brain ventricles. and what functions have been ascribed to t.pdfWhat are brain ventricles. and what functions have been ascribed to t.pdf
What are brain ventricles. and what functions have been ascribed to t.pdf
 
USING JAVAThere are at least two types of nearly sorted array.pdf
USING JAVAThere are at least two types of nearly sorted array.pdfUSING JAVAThere are at least two types of nearly sorted array.pdf
USING JAVAThere are at least two types of nearly sorted array.pdf
 
USE PYTHON ONLY USE DEF function. For number 68Solution#!.pdf
USE PYTHON ONLY USE DEF function. For number 68Solution#!.pdfUSE PYTHON ONLY USE DEF function. For number 68Solution#!.pdf
USE PYTHON ONLY USE DEF function. For number 68Solution#!.pdf
 
2. Using our sample data, construct a 95 confidence interval for th.pdf
2. Using our sample data, construct a 95 confidence interval for th.pdf2. Using our sample data, construct a 95 confidence interval for th.pdf
2. Using our sample data, construct a 95 confidence interval for th.pdf
 
Sasha thinks she may have been adopted. She has blood type O, but mot.pdf
Sasha thinks she may have been adopted. She has blood type O, but mot.pdfSasha thinks she may have been adopted. She has blood type O, but mot.pdf
Sasha thinks she may have been adopted. She has blood type O, but mot.pdf
 
Review diffusion and the function of cell membranes by matching each .pdf
Review diffusion and the function of cell membranes by matching each .pdfReview diffusion and the function of cell membranes by matching each .pdf
Review diffusion and the function of cell membranes by matching each .pdf
 
4 A common symptom of pharyngitis is swelling of the anterior cervica.pdf
4 A common symptom of pharyngitis is swelling of the anterior cervica.pdf4 A common symptom of pharyngitis is swelling of the anterior cervica.pdf
4 A common symptom of pharyngitis is swelling of the anterior cervica.pdf
 

Recently uploaded

Contoh Aksi Nyata Refleksi Diri ( NUR ).pdf
Contoh Aksi Nyata Refleksi Diri ( NUR ).pdfContoh Aksi Nyata Refleksi Diri ( NUR ).pdf
Contoh Aksi Nyata Refleksi Diri ( NUR ).pdf
cupulin
 
Personalisation of Education by AI and Big Data - Lourdes Guàrdia
Personalisation of Education by AI and Big Data - Lourdes GuàrdiaPersonalisation of Education by AI and Big Data - Lourdes Guàrdia
Personalisation of Education by AI and Big Data - Lourdes Guàrdia
EADTU
 
Transparency, Recognition and the role of eSealing - Ildiko Mazar and Koen No...
Transparency, Recognition and the role of eSealing - Ildiko Mazar and Koen No...Transparency, Recognition and the role of eSealing - Ildiko Mazar and Koen No...
Transparency, Recognition and the role of eSealing - Ildiko Mazar and Koen No...
EADTU
 
Spellings Wk 4 and Wk 5 for Grade 4 at CAPS
Spellings Wk 4 and Wk 5 for Grade 4 at CAPSSpellings Wk 4 and Wk 5 for Grade 4 at CAPS
Spellings Wk 4 and Wk 5 for Grade 4 at CAPS
AnaAcapella
 

Recently uploaded (20)

COMMUNICATING NEGATIVE NEWS - APPROACHES .pptx
COMMUNICATING NEGATIVE NEWS - APPROACHES .pptxCOMMUNICATING NEGATIVE NEWS - APPROACHES .pptx
COMMUNICATING NEGATIVE NEWS - APPROACHES .pptx
 
Supporting Newcomer Multilingual Learners
Supporting Newcomer  Multilingual LearnersSupporting Newcomer  Multilingual Learners
Supporting Newcomer Multilingual Learners
 
When Quality Assurance Meets Innovation in Higher Education - Report launch w...
When Quality Assurance Meets Innovation in Higher Education - Report launch w...When Quality Assurance Meets Innovation in Higher Education - Report launch w...
When Quality Assurance Meets Innovation in Higher Education - Report launch w...
 
Rich Dad Poor Dad ( PDFDrive.com )--.pdf
Rich Dad Poor Dad ( PDFDrive.com )--.pdfRich Dad Poor Dad ( PDFDrive.com )--.pdf
Rich Dad Poor Dad ( PDFDrive.com )--.pdf
 
Sternal Fractures & Dislocations - EMGuidewire Radiology Reading Room
Sternal Fractures & Dislocations - EMGuidewire Radiology Reading RoomSternal Fractures & Dislocations - EMGuidewire Radiology Reading Room
Sternal Fractures & Dislocations - EMGuidewire Radiology Reading Room
 
Contoh Aksi Nyata Refleksi Diri ( NUR ).pdf
Contoh Aksi Nyata Refleksi Diri ( NUR ).pdfContoh Aksi Nyata Refleksi Diri ( NUR ).pdf
Contoh Aksi Nyata Refleksi Diri ( NUR ).pdf
 
Stl Algorithms in C++ jjjjjjjjjjjjjjjjjj
Stl Algorithms in C++ jjjjjjjjjjjjjjjjjjStl Algorithms in C++ jjjjjjjjjjjjjjjjjj
Stl Algorithms in C++ jjjjjjjjjjjjjjjjjj
 
Personalisation of Education by AI and Big Data - Lourdes Guàrdia
Personalisation of Education by AI and Big Data - Lourdes GuàrdiaPersonalisation of Education by AI and Big Data - Lourdes Guàrdia
Personalisation of Education by AI and Big Data - Lourdes Guàrdia
 
PSYPACT- Practicing Over State Lines May 2024.pptx
PSYPACT- Practicing Over State Lines May 2024.pptxPSYPACT- Practicing Over State Lines May 2024.pptx
PSYPACT- Practicing Over State Lines May 2024.pptx
 
Andreas Schleicher presents at the launch of What does child empowerment mean...
Andreas Schleicher presents at the launch of What does child empowerment mean...Andreas Schleicher presents at the launch of What does child empowerment mean...
Andreas Schleicher presents at the launch of What does child empowerment mean...
 
Major project report on Tata Motors and its marketing strategies
Major project report on Tata Motors and its marketing strategiesMajor project report on Tata Motors and its marketing strategies
Major project report on Tata Motors and its marketing strategies
 
Transparency, Recognition and the role of eSealing - Ildiko Mazar and Koen No...
Transparency, Recognition and the role of eSealing - Ildiko Mazar and Koen No...Transparency, Recognition and the role of eSealing - Ildiko Mazar and Koen No...
Transparency, Recognition and the role of eSealing - Ildiko Mazar and Koen No...
 
OS-operating systems- ch05 (CPU Scheduling) ...
OS-operating systems- ch05 (CPU Scheduling) ...OS-operating systems- ch05 (CPU Scheduling) ...
OS-operating systems- ch05 (CPU Scheduling) ...
 
VAMOS CUIDAR DO NOSSO PLANETA! .
VAMOS CUIDAR DO NOSSO PLANETA!                    .VAMOS CUIDAR DO NOSSO PLANETA!                    .
VAMOS CUIDAR DO NOSSO PLANETA! .
 
male presentation...pdf.................
male presentation...pdf.................male presentation...pdf.................
male presentation...pdf.................
 
How To Create Editable Tree View in Odoo 17
How To Create Editable Tree View in Odoo 17How To Create Editable Tree View in Odoo 17
How To Create Editable Tree View in Odoo 17
 
FICTIONAL SALESMAN/SALESMAN SNSW 2024.pdf
FICTIONAL SALESMAN/SALESMAN SNSW 2024.pdfFICTIONAL SALESMAN/SALESMAN SNSW 2024.pdf
FICTIONAL SALESMAN/SALESMAN SNSW 2024.pdf
 
ESSENTIAL of (CS/IT/IS) class 07 (Networks)
ESSENTIAL of (CS/IT/IS) class 07 (Networks)ESSENTIAL of (CS/IT/IS) class 07 (Networks)
ESSENTIAL of (CS/IT/IS) class 07 (Networks)
 
Spellings Wk 4 and Wk 5 for Grade 4 at CAPS
Spellings Wk 4 and Wk 5 for Grade 4 at CAPSSpellings Wk 4 and Wk 5 for Grade 4 at CAPS
Spellings Wk 4 and Wk 5 for Grade 4 at CAPS
 
OSCM Unit 2_Operations Processes & Systems
OSCM Unit 2_Operations Processes & SystemsOSCM Unit 2_Operations Processes & Systems
OSCM Unit 2_Operations Processes & Systems
 

In 2017, Jasmine and Thomas, a married couple, had taxable income of.pdf

  • 1. 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.) 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) Married Couple Taxable Income Tax if jointly filed