Asked by Jacob Lovins on Jun 20, 2024
Verified
For equivalent amounts of gross income,a single person will have a higher tax liability than will married persons filing jointly.
Tax Liability
The sum of money owed to a tax agency based on earned income, investments, property, and other taxable entities.
Gross Income
The total income earned by an individual or a business before any deductions or taxes are applied.
- Compare the tax liabilities between different filing statuses.
Verified Answer
KS
Kayle SmithJun 21, 2024
Final Answer :
True
Explanation :
This is true because the tax brackets and deductions for married couples filing jointly are generally more favorable than for single individuals, resulting in a lower tax liability for the couple.
Learning Objectives
- Compare the tax liabilities between different filing statuses.