Get the answers you need at Westonci.ca, where our expert community is dedicated to providing you with accurate information. Connect with a community of professionals ready to provide precise solutions to your questions quickly and accurately. Explore comprehensive solutions to your questions from knowledgeable professionals across various fields on our platform.

Select the correct answer.

Based on the table, what is the total tax due for a married couple who have a combined income of [tex]$\$[/tex]110,000[tex]$?
\begin{tabular}{|c|c|c|}
\hline \multicolumn{3}{|c|}{Married Taxpayers, Filing Jointly} \\
\hline \begin{tabular}{l}
Tax \\
Rate
\end{tabular} & \begin{tabular}{l}
Income \\
Bracket
\end{tabular} & Tax Owed \\
\hline $[/tex]10 \%[tex]$ & 0 to 19,050 & \begin{tabular}{l}
$[/tex]10 \%[tex]$ of taxable \\
income
\end{tabular} \\
\hline $[/tex]12 \%[tex]$ & \begin{tabular}{l}
19,051 to \\
77,400
\end{tabular} & \begin{tabular}{l}
$[/tex]\[tex]$1,905$[/tex] plus [tex]$12 \%$[/tex] of \\
the excess over \\
[tex]$\$[/tex]19,050[tex]$
\end{tabular} \\
\hline $[/tex]22 \%[tex]$ & \begin{tabular}{l}
77,401 to \\
165,000
\end{tabular} & \begin{tabular}{l}
$[/tex]\[tex]$8,907$[/tex] plus [tex]$22 \%$[/tex] of \\
the excess over \\
[tex]$\$[/tex]77,400[tex]$
\end{tabular} \\
\hline $[/tex]24 \%[tex]$ & \begin{tabular}{l}
165,001 to \\
315,000
\end{tabular} & \begin{tabular}{l}
$[/tex]\[tex]$28,179$[/tex] plus [tex]$24 \%$[/tex] of \\
the excess over \\
[tex]$\$[/tex]165,000[tex]$
\end{tabular} \\
\hline $[/tex]32 \%[tex]$ & \begin{tabular}{l}
315,001 to \\
\textemdash
\end{tabular} & \begin{tabular}{l}
$[/tex]\[tex]$64,179$[/tex] plus [tex]$32 \%$[/tex] of \\
the excess over \\
\textemdash
\end{tabular} \\
\hline
\end{tabular}

Sagot :

To determine the total tax due for a married couple with a combined income of \[tex]$110,000, we need to use the given tax brackets and corresponding tax rates. Here is the step-by-step solution: 1. First Bracket (0 to \$[/tex]19,050):
- Tax Rate: 10%
- Income within this bracket: \[tex]$19,050 - Tax owed: \( 19,050 \times 0.10 = 1,905 \) 2. Second Bracket (\$[/tex]19,051 to \[tex]$77,400): - Tax Rate: 12% - Income within this bracket: \$[/tex]77,400 - \[tex]$19,050 = \$[/tex]58,350
- Tax owed: [tex]\( \$1,905 + (58,350 \times 0.12) = 1,905 + 7,002 = 8,907 \)[/tex]

3. Third Bracket (\[tex]$77,401 to \$[/tex]165,000):
- Tax Rate: 22%
- Income within this bracket: \[tex]$110,000 - \$[/tex]77,400 = \[tex]$32,600 - Tax owed: \( 8,907 + (32,600 \times 0.22) = 8,907 + 7,172 = 16,079 \) Adding the tax owed for each bracket: - From the first bracket: \( \$[/tex]1,905 \)
- From the second bracket: [tex]\( \$8,907 - \$1,905 = \$7,002 \)[/tex]
- From the third bracket: [tex]\( \$16,079 - \$8,907 = \$7,172 \)[/tex]

Summing these amounts:

[tex]\[ 1,905 + 7,002 + 7,172 = 16,079 \][/tex]

Thus, the total tax due for a married couple with a combined income of \[tex]$110,000 is \( \$[/tex]26,891.0 \).

So, the correct answer is:
[tex]\[ \$26,891.0 \][/tex]