Corporate Finance Assignment/ Professional Essay Writers
A married couple with no children has the following in the year 2012:
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.
| 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.
(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?
$16,723.
b. $17,431.
c. $16,108.
d. $18,004. Get FInance Help Today
