Question

You meet that special person and get married! Amazingly, your spouse has EXACTLY the same income you do, $47,810.

Answer 1

Answer:

$17,123.78

Step-by-step explanation:

Total taxable income is the combined income of the couple:

$Taxable \ Income =47810+47810\\\\=95620$

Tax rate applicable for a couple filling jointly is 24%.

Tax liability is calculated using the applicable 2020 Tax Brackets as below:

$Tax \ Liability = Tax \ Rate \times \ Taxable \ Income\\\\\ \# 1^{st} \ 9700 \ at 10\%\\\\=10\% \times 9700\\\\=970\\\\\#next \ 29771 \ at 12\%\\\\=12\%\times 29771\\\\=3572.52\\\\\#next \ 44725 \ at 22\%\\\\=22\%\times 44725\\\\=9839.50\\\\\#last \ 11424 \ at 24\%\\\\=24\%\times 11424\\\\=2741.76\\\\Tax_{total}=970+3572.52+9839.50+2741.76=17123.78$

Hence, the total tax liability for the couple's joint filing is : $17,123.78