Conrad, who has $220,000 of taxable income, plans to marry Anita, a college student with no...
Conrad, who has $220,000 of taxable income, plans to marry
Anita, a college student with no taxable income. If they marry on
December 21, 2018, they will file jointly and have $220,000 of
taxable income for the year. If they wait until January of 2019 to
marry, Conrad will have to file as a single person and report the
$220,000 of taxable income on his individual return. a. Will it be
to their advantage to marry before the end of 2018 or should they
wait until 2019? b. How much in tax will they save or have to pay
extra if they marry in 2019? c. How would your answers change if
Conrad and Anita marry and each expects $110,000 of taxable income
in 2018?
Homework Answers
The answers are as following:-
a) If they get marry before the end of 2018 , they have to pay tax of $46,769.80 as their effective tax rate comes to 21.26%.and if they get marry in Jan 2019, they have to pay tax of $47,923.50. Hence they should wait get marry in Dec 2018.
b)They have to pay more $943.70 of tax amount if they get marry in 2019.
c) If Conrad and Anita marry and each expects $110,000 of taxable income in 2018, they both have to pay tax of $26,224.50 as their effective tax rate comes to 23.84%.
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Ch. I Student Template AY 19-20 - Micruscft Escel (Pruduct Activatien Faid) Inier Page layou Formlas Data evizw Fis Наme Vicw Dut |Noтal - 10 Neutral Cakulation Wisp Tet Good Calibr General Bad a Cepy - Condtienal remat Famatting ATahle Check...
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If taxable income is
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But not over:
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$ 39,475
$ 84,200
$4,543 plus 22% of the excess over $39,475
$ 84,200
$160,725
$14,382.50 plus 24% of the excess over $84,200
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