Question

Calculate exact tax liability for 2014 for John and Marie, a married couple, filing jointly with...

Calculate exact tax liability for 2014 for John and Marie, a married couple, filing jointly with $275000 of taxable income

Homework Answers

Answer #1

Tax Bracket and Tax Liability of Married Filing Jointly For the year 2014 are as follows:

$0 to $18,150 - 10% Tax on Taxable Income - $18,150*10/100 = $1,815

$18,151 to $73,800 - 15% Tax on Taxable Income - $55,650($73,800 - $18,150)*15/100 = $8,347.5

$73,801 to $148,850 - 25% Tax on Taxable Income - $75,050 ($148,850 - $73,800)*25/100 = $18,762.50

$148,851 to $226,850 - 28% Tax on Taxable Income - $78,000 ($226,850 - $148,850)*28/100 = $21,840

$226,851 to $405,100 - 33% Tax on Taxable Income - $48,150 ($275,000 - $226,850)*33/100 = $15,889.50

Tax Liability = $1,815 + $8,347.50 + $18,762.50 + $21,840 + $15,889.50

= $66,654.50

Therefore, the tax liability for 2014 for John and Marie, a married couple filing jointly on $275,000 of taxable income is $66,654.50 or $66,655 (rounded to nearest dollar).

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