Asked by Charles Burns on Jun 09, 2024
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Rates for a married taxpayer filing separately are 10% of taxable income up to $8,375and 15% thereafter up to $34,000. Harris and Donna Charles are filing separate returns. Harris earned $46,000 this year. He took the standard deduction of $5,700 and exemptions of $3,650 each for himself and the two children. Donna earned $25,000 this year. She took the standard deduction of $5,700 and an exemption of $3,650 for herself. Compute the amount of tax that the Charles family owed this year before credits.
Taxable Income
The amount of an individual's or corporation's income that is subject to taxes, after deductions and exemptions.
- Measure the tax liabilities for individuals across different taxation circumstances.
- Attain comprehension and apply the principles of standard deductions and exemptions in tax-related calculations.
- Understand the differences in tax liabilities under different filing statuses.
Verified Answer
RB
Learning Objectives
- Measure the tax liabilities for individuals across different taxation circumstances.
- Attain comprehension and apply the principles of standard deductions and exemptions in tax-related calculations.
- Understand the differences in tax liabilities under different filing statuses.