Gabriella and Steve have adjusted gross incomes of $48,500 and $32,900, respectively. Assume that ea
Gabriella and Steve have adjusted gross incomes of $48,500 and $32,900, respectively. Assume that each person takes one exemption and the standard deduction. Answer parts (a) through (c) below. Tax Rate Single Married filing Jointly 10% up to $8,925 up to $17,850 15% up to $36,250 up to $72,500 25% up to $87,850 up to $146,400 28% up to $183,250 up to $223,050 Standard Deduction $6,100 $12,200 Exemptions Per person $3,900 $3,900
a. Calculate the tax owed by the couple if they delay their marriage until next year so they can each file a tax return at the single tax rate this year.
The couple owes $__
(Simplify your answer. Round to the nearest dollar as needed.)
b. Calculate the tax owed by the couple if they marry before the end of the year and file a joint return.
The couple owes $____ (Simplify your answer. Round to the nearest dollar as needed.)
c. Does the couple face a “marriage penalty” if they marry before the end of the year?
A. No
B. Yes
