Jus help im in a timed assigment
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Answer:
The income will they have left over after paying their federal income tax is <u>$64,850.00</u>.
Step-by-step explanation:
Given:
A married couple filing their federal income tax return jointly had a taxable
income of $76,300.
Now, to find according to the table the income will they left over after paying their federal income tax.
<em>So, as given in table:</em>
<em>The tax of the taxable income over $67,900 but not over $1,37,050 is $9,350 plus 25% of the amount over $67,900.</em>
As, the taxable income $76,300 falls in to the above conditions.
Now, to calculate the tax:
<em>Thus, the tax = $11450.</em>
Now, deducting the tax from the taxable income:
<em>So, the amount left = $64,850</em>.
Therefore, the income will they have left over after paying their federal income tax is $64,850.00.