Question

Amy and Ethan are married and file a joint return for 2021. Their taxable income is $78,500. What is the amount of their tax liability (use the tax rate schedules)?\

Answer 1

Based on the information given  the amount of their tax liability is $9,022.

Tax liability

Since their taxable income is $78,500  in order to determine Amy and Ethan tax liability we would be using the tax rate schedules which is 12%)

Hence,

Tax liability=$1,990 + [($78,500 - $19,900) x 12%]

Tax liability=$1,990($58,600×12%)

Tax liability=$1,990+$7,032

Tax liability= $9,022

Inconclusion the amount of their tax liability is $9,022.

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