Asked by Sarah Peebles on Jun 21, 2024
Verified
For equivalent amounts of taxable income,the total tax liability of a single individual:
A) Will be less than married filing jointly.
B) Will be more than married filing jointly.
C) Will be more than married filing separately.
D) Cannot be determined with the information provided.
Total Tax Liability
The total amount of taxes owed to the federal, state, or local government within a given tax year.
Taxable Income
The portion of income that is subject to income tax after adjustments, deductions, and exemptions.
- Compute fundamental tax obligations and comprehend the elements that influence them.
Verified Answer
RN
Ragavy NirmalanJun 26, 2024
Final Answer :
B
Explanation :
The total tax liability of a single individual will generally be more than married filing jointly for equivalent amounts of taxable income. This is because the tax brackets for married filing jointly are different and generally provide for more favorable tax rates and higher income thresholds before entering a higher tax bracket.
Learning Objectives
- Compute fundamental tax obligations and comprehend the elements that influence them.