Question

nathan is married, filing jointly, has a gross income of $59,300, adjustments of $2460, 2 exemptions of $24,800, and deductions of $16,500.how much is his tax?

Answer 1

Nathan does not owe any tax and may be eligible for a refund.

Step-by-step explanation:

To calculate the tax owed by Nathan, we need to follow the steps:

1. Start with the gross income: $59,300
2. Subtract adjustments: $2,460
3. Subtract exemptions (2 exemptions x $24,800): $49,600
4. Subtract deductions: $16,500
5. The result is the taxable income: $59,300 - $2,460 - $49,600 - $16,500 = $-9,260

Since the taxable income is negative, Nathan does not owe any tax. In fact, he may be eligible for a tax refund since his deductions and exemptions exceed his gross income. It's always a good idea to consult a tax professional or use a tax software to ensure accurate tax calculations.

Answer 2

Nathan's tax can be calculated by determining his taxable income. Subtract Nathan's deductions and exemptions from his adjusted gross income to find his taxable income. Use the tax brackets for the filing status 'married filing jointly' to calculate Nathan's tax rate, and then multiply his taxable income by his tax rate to find his tax amount.

Step-by-step explanation:

To calculate Nathan's tax, we need to determine his taxable income first. Nathan's adjusted gross income is $59,300, his adjustments are $2,460, and his deductions are $16,500. To calculate his taxable income, we subtract his deductions and exemptions (2 x $24,800) from his adjusted gross income:

Taxable income = Adjusted Gross Income - (Deductions + Exemptions)

Taxable income = $59,300 - ($16,500 + $49,600) = $59,300 - $41,300 = $18,000

Now, we can use the tax brackets for the filing status 'married filing jointly' to calculate Nathan's tax. The tax brackets for 2021 are as follows:

• 10% on taxable income up to $19,750
• 12% on taxable income between $19,751 and $80,250
• 22% on taxable income between $80,251 and $171,050
• 24% on taxable income between $171,051 and $326,600
• 32% on taxable income between $326,601 and $414,700
• 35% on taxable income between $414,701 and $622,050
• 37% on taxable income over $622,050

Since Nathan's taxable income of $18,000 falls into the 10% tax bracket, his tax can be calculated as:

Tax = Taxable income x Tax rate

Tax = $18,000 x 10% = $1,800

Therefore, Nathan's tax is $1,800.