Question

1a)

Kevin and Laura are married and file a joint tax return. Together, their taxable income is $101,000. How much will they pay in taxes? (Round answers to O decimal place, e.g. 5275.) The amount of taxes they will pay is $

1B)

Answer 1

Answer - Part - (a) -

Computation of Kevin's and Laura's Joint Tax Liability for Tax Year 2019 -

Taxable Income = $101000 [Given in question].

	Tax Rate	Taxable Income ($)	Calculation	Amount ($)
I.	10%	0 - 19400	$19400 * 10%	1940
II.	12%	19401 - 78950	($78950 - $19400) * 12%	7146
III.	22%	78951 - 168400	($101000 - $78950) * 22%	4851
The amount of taxes they will pay			I + II + III	13937

.

Answer - Part - (b) -

Computation of Richard's Tax Liability for Tax Year 2019 -

Taxable Income = $91000 [Given in question].

	Tax Rate	Taxable Income ($)	Calculation	Amount ($)
I.	10%	0 - 9700	$9700 * 10%	970
II.	12%	9701 - 39475	($39475 - $9700) * 12%	3573
III.	22%	39476 - 84200	($84200 - $39475) * 22%	9839.5
IV.	24%	84201 - 160725	($91000 - $84200) * 24%	1632
Richard will pay tax			I + II + III + IV	16014.5