The tax liability for a married couple with taxable income of $87,312 is:
A. $18,068.
B. $16,599.
C. $14,081.
D. $14,078.
is it D
If you are doing federal income taxes, check a federal tax table using the data given. You should be able to find your answer there.
it doesn't say anything. what should i do
To determine the tax liability for a married couple with a taxable income of $87,312, we can use the tax brackets and rates for the given income level. However, without additional information about deductions, credits, or any other tax factors, we can estimate the tax liability by using the tax brackets for the year.
For the 2021 tax year, the federal income tax brackets and rates for married couples filing jointly are as follows:
- 10% on taxable income up to $19,900
- 12% on taxable income between $19,901 and $81,050
- 22% on taxable income between $81,051 and $172,750
- 24% on taxable income between $172,751 and $329,850
- 32% on taxable income between $329,851 and $418,850
- 35% on taxable income between $418,851 and $628,300
- 37% on taxable income over $628,300
To calculate the tax liability, we can break down the taxable income into the respective tax brackets:
1. The first $19,900 will be taxed at 10%. This results in a tax of $1,990.
2. The remaining income between $19,901 and $81,050 will be taxed at 12%. This amounts to $7,228.80.
3. The total tax liability is the sum of the taxes from step 1 and step 2, which is $9,218.80.
Since none of the answer choices match this calculated tax liability, we can infer that the given information may not be accurate. It's important to consider additional factors, deductions, credits, and changes in tax laws when determining the exact tax liability.