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Jacob and Suzanne are married. Jacob’s salary is $80,000. His tax withholding is $12,000. Suzanne’s salary...

Jacob and Suzanne are married. Jacob’s salary is $80,000. His tax withholding is $12,000. Suzanne’s salary is $70,000. Her tax withholding is $10,000. They have itemized deductions of $30,000. If they file Married Filing Joint for 2018, what is their tax refund or tax amount that is owed to the IRS?

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Answer #1
Earnings (80+70) 150,000
No Personal exemption as per IRS 2018

Higher Of:(giving lowest tax)

Itemized deduction=30,000

or Standard Deduction (couple)=12,700

 (30,000)
Adjusted Gross Income 120,000
Tax@10% 19050 1905
@12% 58,350 7002
@22% 42600 9,372
Tax liability (18,279)
Tax Withheld(12+10) 22,0000
Tax Refund 3,721

Married Filing Jointly or Qualifying Widow(er)

Taxable Income Tax Rate
$0 - $19,050 12%
$19,051 - $77,400 12% of the amount over $19,050
$77,401 - $ 22% of the amount over $77,400
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