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Author Question: Rates for a married taxpayer filing separately are 10 of taxable income up to 8,375 and 15 ... (Read 87 times)

Metfan725

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on: Jun 24, 2018
Rates for a married taxpayer filing separately are 10 of taxable income up to 8,375 and 15 thereafter up to 34,000 . Rates for a couple filing a joint return are 10 of taxable income up to 16,750 and 15 thereafter up to 68,000 . Miller and Laura Collins are figuring their tax both ways for comparison before deciding which way to file. Miller earned 20,00 . and Laura earned 40,000 . The standard deduction for a married couple filing jointly is 11,400 . The standard deduction for each married taxpayer filing separately is 5,700 . Exemption for each taxpayer is 3,650.
 a. Compute the amount of tax the Collins will owe if they file a joint return.
  b. Compute the amount of tax the Collins will owe if they file two separate returns.

Question 2

Daniel Miller deposited 90,00 . (present value) today at 8 compounded quarterly. Compute the quarterly withdrawal that Daniel can make each quarter for seven years and empty the account. Use Tables 23-2A and 23-2B or a calculator.


alexisweber49

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Reply #1 on: Jun 24, 2018
Answer to Question 1

a. 5,357.50
b. 5,585 (1,406.25 +  4,178.75)

Answer to Question 2

90,00 .  21.28127 = 4,229.07 quarterly withdrawals


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