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a. Wally Megabucks had taxable income of $356,798. Determine his 2019 federal tax liability. b. His...

a. Wally Megabucks had taxable income of $356,798. Determine his 2019 federal tax liability.

b. His wife Tilly, had taxable income of $45,098. Determine her federal tax liability.

c. Determine their joint tax liability married filing jointly and filing separately.

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Answer #1

a:

Married filing separate:

Income tax liability $ 101,085.26
[ 82354.75 + ( 356798 - 306175 ) × 0.37 ]

b

Married filing separate:

Income tax liability $       5,780.06
[ 4543 + ( 45098 - 39475 ) × 0.22 ]

c

Married filing Joint:

Taxable income $        401,896
Income tax liability $ 117,771.52
[ 82354.75 + ( 401896 - 306175 ) × 0.37 ]

Married filing separate total tax = 5,780.06 + 101,085.26 = $106,865.86

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