Question

A taxpayer had a taxable income of 61,900, and her spouse had a taxable income of 59,400. If they wish to file their tax return jointly, which tax bracket will they fall into?

1) 10
2) 12
3) 22
4) 24
5) cannot be determined

Answer 1

When filing their tax return jointly, a couple with a combined taxable income of $121,300 will fall into the 22% tax bracket.

Step-by-step explanation:

To determine which tax bracket a couple falls into when filing their tax return jointly, we need to consider their combined taxable income.

In this case, the taxpayer has a taxable income of $61,900, and her spouse has a taxable income of $59,400. When we add these two incomes together, their combined taxable income is $121,300.

According to the 2020 tax rates for married couples filing jointly, a taxable income of $121,300 falls into the 22% tax bracket.