Corporate Finance Assignment/ Professional Essay Writers

A married couple with no children has the following in the year 2012:

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The husband has an AGI of $65,000 and allowable itemized deductions of $10,800.

The wife has an AGI of 58,000 and allowable itemized deductions of $800.

The year 2012 federal tax brackets, personal exemption, and standard deductions are given below.

2012 Tax Rates & Tax Brackets.

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Tax Rate Single Married Filing Joint Married Filing Separate Head of Household
10% Up to $8,700 Up to $17,400 Up to $8,700 Up to $12,400
15% $8,701 Ac€?o $35,350 $17,401 Ac€?o $70,700 $8,701 Ac€?o $35,350 $12,401 Ac€?o $47,350
25% $35,351 Ac€?o $85,650 $70,701 Ac€?o $142,700 $35,351 Ac€?o $71,350 $47,351 Ac€?o $122,300
28% $85,651 Ac€?o $178,650 $142,701 Ac€?o $217,450 $71,351 Ac€?o $108,725 $122,301 Ac€?o $198,050
33% $178,651 Ac€?o $388,350 $217,451 Ac€?o $388,350 $108,726 Ac€?o $194,175 $198,051 Ac€?o $388,350
35% Over $388,350 Over $388,350 Over $194,175 Over $388,350

Standard Deduction:

$5,950                            $11,900                              $5,950                                     $8,700

Personal Exemption: $3,800/person.

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(a) Compute the coupleAc€?cs 2012 federal income tax, if they file their federal taxes jointly?

a. $15,934.

b. $17,935.

c. $16,469.

d. $17,032

(b) Compute the coupleAc€?cs 2012 federal income tax, if they file their federal taxes separately?


b. $17,431.

c. $16,108.

d. $18,004.  Get FInance Help Today

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