Jaylen and Zan are married, filing jointly. Their total adjusted gross income was $80,000 and they qualified for the standard deduction of $24,000. Use the following 2018 tax rate schedule to calculate their 2018 federal income tax. If your filing status is married, filing jointly or surviving spouses; and taxable income is more than: but not over: your tax is: $ 0 $19,050 10% OF the taxable income $19,050 $77,400 $1905 plus 12% of the excess over $19,050 $77,400 $165,000 $8907 plus 22% of the excess over $77,400 $165,000 $315,000 $28,179 plus 24% of the excess over $165,000 $315,000 $400,000 $64,179 plus 32% of the excess over $315,000 $400,000 $600,000 $91,379 plus 35% of the excess over $400,000 $600,000 _______ $161,379 plus 37% OF THE AMOUNT OVER $600,000 Jaylen and Zan's 2018 Federal income tax is: $ (Round to the nearest dollar.) What is Jaylen and Zan's effective tax rate? [Tax paid divided by taxable income] % (Write as a percent, rounded to one decimal place.)
Jaylen and Zan are married, filing jointly. Their total adjusted gross income was $80,000 and they qualified for the standard deduction of $24,000. Use the following 2018 tax rate schedule to calculate their 2018 federal income tax. If your filing status is married, filing jointly or surviving spouses; and taxable income is more than: but not over: your tax is: $ 0 $19,050 10% OF the taxable income $19,050 $77,400 $1905 plus 12% of the excess over $19,050 $77,400 $165,000 $8907 plus 22% of the excess over $77,400 $165,000 $315,000 $28,179 plus 24% of the excess over $165,000 $315,000 $400,000 $64,179 plus 32% of the excess over $315,000 $400,000 $600,000 $91,379 plus 35% of the excess over $400,000 $600,000 _______ $161,379 plus 37% OF THE AMOUNT OVER $600,000 Jaylen and Zan's 2018 Federal income tax is: $ (Round to the nearest dollar.) What is Jaylen and Zan's effective tax rate? [Tax paid divided by taxable income] % (Write as a percent, rounded to one decimal place.)
Chapter8: Taxation Of Individuals
Section: Chapter Questions
Problem 28P
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Question
Jaylen and Zan are married, filing jointly. Their total adjusted gross income was $80,000 and they qualified for the standard deduction of $24,000. Use the following 2018 tax rate schedule to calculate their 2018 federal income tax.
If your filing status is married, filing jointly or surviving spouses;
| and taxable income is more than: | but not over: | your tax is: |
|---|---|---|
| $ 0 | $19,050 | 10% OF the taxable income |
| $19,050 | $77,400 | $1905 plus 12% of the excess over $19,050 |
| $77,400 | $165,000 | $8907 plus 22% of the excess over $77,400 |
| $165,000 | $315,000 | $28,179 plus 24% of the excess over $165,000 |
| $315,000 | $400,000 | $64,179 plus 32% of the excess over $315,000 |
| $400,000 | $600,000 | $91,379 plus 35% of the excess over $400,000 |
| $600,000 | _______ | $161,379 plus 37% OF THE AMOUNT OVER $600,000 |
Jaylen and Zan's 2018 Federal income tax is: $
(Round to the nearest dollar.)
What is Jaylen and Zan's effective tax rate? [Tax paid divided by taxable income]
%
(Write as a percent, rounded to one decimal place.)
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