Question

Use the 2016 marginal tax rates to compute the tax owed by the following A married couple filing jointly with a taxable income of ​$408,000 and a ​$6500 tax credit. The tax owed

Answer 1

For 2016 the Tax Rates for Married couple filing jointly are -

Rate	Range
10%	0	18,550
15%	18,550	75,300
25%	75,300	151,900
28%	151,900	231,450
33%	231,450	413,350

Taxable Income on $408,000

Rate	Tax Amount
10%	$       1,855.00
15%	$       8,512.50
25%	$     19,150.00
28%	$     22,274.00
33%	$     58,261.50
Total	$ 110,053.00

Tax Owed = 110,053 - 6500 = $103,553