Asked by gaurang narang on Jun 24, 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. Murry and Ann Phillips are filing separate returns. Murry earned $34,000 this year. He took the standard deduction of $5,700 and exemptions of $3,650 each for himself and the three children. Ann earned $20,000 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 Phillips family owed this year before credits.
Standard Deduction
A fixed amount that taxpayers can subtract from their taxable income, reducing the tax they owe, without itemizing deductions.
Taxable Income
Income subject to taxation, after adjustments, deductions, and exemptions are accounted for.
- Determine personal tax liabilities given diverse tax scenarios.
- Acquire knowledge and employ the principles of standard deductions and exemptions for tax computation purposes.
- Comprehend the variations in tax obligations associated with diverse filing statuses.
Verified Answer
SR
Learning Objectives
- Determine personal tax liabilities given diverse tax scenarios.
- Acquire knowledge and employ the principles of standard deductions and exemptions for tax computation purposes.
- Comprehend the variations in tax obligations associated with diverse filing statuses.