Asked by Kelsey Michalak on May 25, 2024
Verified
Rates for a couple filing a joint tax return are 10% up to $16,750 and 15% thereafter up to $68.000. Melvin and Marilyn Canfield earned combined gross income of $50,000. They took the standard deduction of $11,400 for a married couple filing a joint return and two exemptions of $3,650 each. Compute the amount of income tax.
Standard Deduction
The standard deduction is a fixed dollar amount subtracted from an individual's income before income tax is calculated, reducing taxable income.
Joint Return
A tax return filed collectively by married couples, combining their incomes, exemptions, and deductions.
Taxable Income
The portion of income that is subject to taxation according to the laws and regulations of the taxing authority.
- Figure out tax responsibilities for people according to different tax contexts.
- Gain an understanding and implement the idea of standard deductions and exemptions in tax accounting.
Verified Answer
CD
Learning Objectives
- Figure out tax responsibilities for people according to different tax contexts.
- Gain an understanding and implement the idea of standard deductions and exemptions in tax accounting.