Asked by Madison Zurweller on May 26, 2024
Verified
The tax schedule for married couples filing jointly:
A) Results in less tax than would be paid by a single person if only one spouse works.
B) Saves on taxes regardless of whether one or both spouses work.
C) Results in most two income families paying more tax than if they were single.
D) a and c
Tax Schedule
A chart or table provided by taxing authorities that shows the tax rate that applies to different levels of taxable income.
Married Couples
Two individuals legally united in marriage, recognized for various legal, social, or tax purposes.
Filing Jointly
Filing jointly refers to a tax filing status that allows married couples to combine their income and deductions on a single tax return, potentially leading to tax benefits.
- Examine the effects of variations in Cost of Goods Sold (COGS) and additional factors on net income and tax obligations.
Verified Answer
KK
Kaylee KapsaMay 28, 2024
Final Answer :
D
Explanation :
The tax schedule for married couples filing jointly can result in less tax if only one spouse works due to income splitting benefits, but it often results in a "marriage penalty" for two-income families, where they end up paying more tax than they would if they were single and filing individually.
Learning Objectives
- Examine the effects of variations in Cost of Goods Sold (COGS) and additional factors on net income and tax obligations.