The next 53300 in taxable income is taxed at 15 percent and


Harold and Wanda (married filing jointly) have $30,000 ordinary income after the standard deduction and personal exemptions, and $50,000 in unrecaptured depreciation on the sale of the rental property, for total taxable income of $80,000. For 2012, the 10 percent tax bracket for married taxpayers filing jointly ends at $17,400, the next $53,300 in taxable income is taxed at 15 percent, and 25 percent applies to the next $72,000. What is Harold and Wanda's tax?

Solution Preview :

Prepared by a verified Expert
Taxation: The next 53300 in taxable income is taxed at 15 percent and
Reference No:- TGS0816937

Now Priced at $10 (50% Discount)

Recommended (95%)

Rated (4.7/5)