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Home Q & A Board Science-Related Homework Help Mathematics
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karamvir19 karamvir19
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A year ago
Rates for a married taxpayer filing separately are 10% of taxable income up to $8,375 and 15% thereafter up to $34,000. Rates for a couple filing a joint return are 10% of taxable income up to $16,750 and 15% thereafter up to $68,000. Patrick and Kelly O'Day are figuring their tax both ways for comparison before deciding which way to file. Patrick earned $15,000 and Kelly earned $35,000. The standard deduction for a married couple filing jointly is $11,400. The standard deduction for each married taxpayer filing separately is $5,700. Exemption for each taxpayer is $3,650.

a.Compute the amount of tax the O'Days will owe if they file a joint return.
b.Compute the amount of tax the O'Days will owe if they file two separate returns.
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Contemporary Business Mathematics for Colleges

Contemporary Business Mathematics for Colleges


Edition: 16th
Authors:
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smiller94107smiller94107
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karamvir19 Author
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A year ago
Just got PERFECT on my quiz
bioc
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Helped a lot
Starfiew
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Thanks for your help!!
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