Question

Priscilla has an income of $122,300.00 $122,300.00 and is married filing jointly. Married Filing Jointly If Taxable Income Is between: Then the Tax Due Is: $0.00 - $19,400.00 $0.00 - $19,400.00 10% 10% of taxable income $19,401.00 - $78,950.00 $19,401.00 - $78,950.00 $1940.00+12% $1940.00+12% of the amount over $19,400.00 $19,400.00 $78,951.00 - $168,400.00 $78,951.00 - $168,400.00 $9086.00+22% $9086.00+22% of the amount over $78,950.00 $78,950.00 $168,401.00 - $321,450.00 $168,401.00 - $321,450.00 $28,765.00+24% $28,765.00+24% of the amount over $168,400.00 $168,400.00 $321,451.00 - $408,200.00 $321,451.00 - $408,200.00 $65,497.00+32% $65,497.00+32% of the amount over $321,450.00 $321,450.00 $408,201.00 - $612,350.00 $408,201.00 - $612,350.00 $93,257.00+35% $93,257.00+35% of the amount over $408,200.00 $408,200.00 $612,351.00+ $612,351.00+ $164,709.50+37% $164,709.50+37% of the amount over $612,350.00

Answer 1

Calculate Priscilla's tax.

Answer:

Priscilla will pay a tax of $18,623

Explanation:

Priscilla's Income = $122,300.00

• If Taxable Income Is between: $78,951.00 - $168,400.00
• Then the Tax Due Is: $9086.00+22% of the amount over $78,950.00

First, we determine the amount over $78,950.00

$122,300.00 - $78,950.00 =$43,350

Amount over $78,950.00= $43,350

Therefore:

Priscilla's Tax = $9086.00+ (22% of $43,350)

=$9086.00+9537

=$18,623

Priscilla will pay a tax of $18,623