Question

A married couple filing their federal income tax return jointly had a taxable

Answer 1

Answer:

The income will they have left over after paying their federal income tax is $64,850.00.

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.

So, as given in table:

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.

As, the taxable income $76,300 falls in to the above conditions.

Now, to calculate the tax:

$9350+25\%\ of\(76300-67900)$

$=9350+25\%\ of\ 8400$

$=9350+\frac{25}{100} \times 8400$

$=9350+0.25\times 8400$

$=9350+2100$

$=11450.$

Thus, the tax = $11450.

Now, deducting the tax from the taxable income:

$76300-11450\\=64850$

So, the amount left = $64,850.

Therefore, the income will they have left over after paying their federal income tax is $64,850.00.