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Miguel and his wife are married and file taxes jointly. Together, they make $96,300 annually. What is their effective tax rate? 8.3% 15.8% 11.5% 22%

Miguel and his wife are married and file taxes jointly. Together, they make $96,300 annually. What is their effective tax rate? 8.3% 15.8% 11.5% 22%

SWFT Individual Income Taxes
SWFT Individual Income Taxes
43rd Edition
ISBN:9780357391365
Author:YOUNG
Publisher:YOUNG
Chapter9: Deductions: Employee And Self-employed-related Expenses
Section: Chapter Questions
Problem 1DQ
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Miguel and his wife are married and file taxes jointly. Together, they make $96,300 annually. What is their effective tax rate? O 8.3% 15.8% 11.5% 22% Jaime earns $56,000 annually. She is a single filer. What is her taxable income, assuming she has no above-the-line deductions?? $56,000 $36,600 $43,050 $30,100 Carlos and his partner are married and file taxes jointly. Together, they make $87,000 annually. What is their marginal tax rate? 12% 24% O 22% 10% Kiara is filing as the head of household. She makes $127,000 annually. What is the total amount of federal income taxes that she will owe? O $18,160.00 O $24,315.50 O $30,480.00 O $25,824.00
Transcribed Image Text:Miguel and his wife are married and file taxes jointly. Together, they make $96,300 annually. What is their effective tax rate? O 8.3% 15.8% 11.5% 22% Jaime earns $56,000 annually. She is a single filer. What is her taxable income, assuming she has no above-the-line deductions?? $56,000 $36,600 $43,050 $30,100 Carlos and his partner are married and file taxes jointly. Together, they make $87,000 annually. What is their marginal tax rate? 12% 24% O 22% 10% Kiara is filing as the head of household. She makes $127,000 annually. What is the total amount of federal income taxes that she will owe? O $18,160.00 O $24,315.50 O $30,480.00 O $25,824.00
Use the charts below to answer the following questions. 2022 Single Filers Married Couples Filing Separately Married Couples Filing Jointly Heads of Households Surviving Spouses 2022 Federal Tax Brackets Standard Deductions Tax Rate 10% 12% 22% 24% 32% 35% 37% Up to $10,275 Single Filers $10,276 to $41,775 $41,776 to $89,075 $89,076 to $170,050 $170,051 to $215,950 $215,951 to $539,900 Over $539,900 Up to $20,550 $20,551 to $83,550 Married Filing Jointly $83,551 to $178,150 $178,151 to $340,100 $340,101 to $431,900 $431,901 to $647,850 Over $647,850 $12,950 $12,950 $25,900 $19,400 $25,900 Up to $14,650 Head of Household $14,651 to $55,900 $55,901 to $89,050 $89,051 to $170,050 $170,051 to $215,950 $215,951 to $539,900 Over $539,900
Transcribed Image Text:Use the charts below to answer the following questions. 2022 Single Filers Married Couples Filing Separately Married Couples Filing Jointly Heads of Households Surviving Spouses 2022 Federal Tax Brackets Standard Deductions Tax Rate 10% 12% 22% 24% 32% 35% 37% Up to $10,275 Single Filers $10,276 to $41,775 $41,776 to $89,075 $89,076 to $170,050 $170,051 to $215,950 $215,951 to $539,900 Over $539,900 Up to $20,550 $20,551 to $83,550 Married Filing Jointly $83,551 to $178,150 $178,151 to $340,100 $340,101 to $431,900 $431,901 to $647,850 Over $647,850 $12,950 $12,950 $25,900 $19,400 $25,900 Up to $14,650 Head of Household $14,651 to $55,900 $55,901 to $89,050 $89,051 to $170,050 $170,051 to $215,950 $215,951 to $539,900 Over $539,900
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