Asked by Tristan Zuidema on Jun 22, 2024
Verified
Rates for a couple filing a joint tax return are 10% up to $16,750 and 15% thereafter up to $68,000. William and Dana Souza earned combined gross income of $67,000. They took the standard deduction of $11,400 for a married couple filing a joint return and exemptions of $3,650 each for themselves and their three children. Compute the amount of income tax before credits.
Standard Deduction
A fixed dollar amount that reduces the income on which you are taxed, varying by filing status and adjusted each year for inflation.
Joint Return
A combined tax return filed by married partners or certain partners in a civil union, pooling their incomes and deductions.
Taxable Income
Taxable income is the amount of income used to calculate how much tax an individual or a company owes to the government in a given tax year.
- Ascertain the income tax due for individuals under several taxation situations.
- Master the use of standard deductions and exemptions in performing tax calculations.
- Analyze how various tax deductions and exemptions affect the financial obligations of taxpayers.
Verified Answer
AS
Learning Objectives
- Ascertain the income tax due for individuals under several taxation situations.
- Master the use of standard deductions and exemptions in performing tax calculations.
- Analyze how various tax deductions and exemptions affect the financial obligations of taxpayers.