Question

Ryan and his wife taylor work for different companies. in 2022, ryan earned $95,000 and taylor earned $90,000. they contributed $12,500 to charity and they have no other itemized deductions. they have 2 kids aged 10, and 4. they decide to file their taxes jointly. the standard deduction for a married, filing joint for the year is $25,900. what is their joint tax liability before credits and payments?

Answer 1

Their joint tax liability before credits and payments is $23,588.26.

To calculate Ryan and Taylor's joint tax liability before credits and payments, we can start by determining their taxable income. Here's the breakdown:

1. Ryan's Income: $95,000

2. Taylor's Income: $90,000

3. Total Income: $95,000 + $90,000 = $185,000

Now subtract their total contributions to charity:

- Total Income - Charitable Contributions: $185,000 - $12,500 = $172,500

Next, subtract the standard deduction for a married filing jointly couple:

- Taxable Income: $172,500 - $25,900 = $146,600

Now, we need to use the tax brackets to calculate their income tax. The tax brackets for 2022 are as follows:

- 10% on income up to $19,900

- 12% on income between $19,901 and $81,050

- 22% on income between $81,051 and $172,750

Let's break it down:

1. 10% on the first $19,900: $19,900 * 0.10 = $1,990

2. 12% on the income between $19,901 and $81,050: ($81,050 - $19,901) * 0.12 = $61,149 * 0.12 = $7,377.48

3. 22% on the income between $81,051 and $146,600: ($146,600 - $81,051) * 0.22 = $65,549 * 0.22 = $14,220.78

Now add these amounts:

- Total Income Tax: $1,990 + $7,377.48 + $14,220.78 = $23,588.26

So, their joint tax liability before credits and payments is $23,588.26.

Answer 2

The joint tax liability for Ryan and Taylor before credits and payments can be calculated based on their total income and the applicable tax brackets for 2022.

Step-by-step explanation:

The joint tax liability for Ryan and Taylor before credits and payments can be calculated as follows:

Total income = Ryan's income + Taylor's income = $95,000 + $90,000 = $185,000

Standard deduction for married filing joint = $25,900

Taxable income = Total income - Standard deduction = $185,000 - $25,900 = $159,100

To determine the tax liability, you would need to refer to the tax brackets for the year 2022 and apply the corresponding tax rates. Here are the tax rates for 2022:

• 10% on income up to $19,900
• 12% on income between $19,901 and $81,050
• 22% on income between $81,051 and $172,750
• 24% on income between $172,751 and $329,850
• 32% on income between $329,851 and $418,850
• 35% on income above $418,850

Using these tax rates, you can calculate Ryan and Taylor's tax liability based on their taxable income. Keep in mind that this calculation is simplified and may not account for all possible factors that can affect tax liability.