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The amount that the married couple filing jointly would pay in federal income taxes is C. $9,000.
Income tax is the compulsory obligation a taxpayer must remit to the IRS for each fiscal year based on the taxpayer's taxable income.
The tax rate based on the filer's tax bracket is applied to the taxable income to determine the tax payable.
Using the graduated system, of the $75,000, the first $20,550 is taxed at 10%, which gives $2,055. That leaves $54,450 in income. The next portion of the taxable income from $20,550 to $83,550 is taxed at 12%. This means $54,450 is getting taxed at 12%, which gives $6,534. The total tax due is $8,589, which averages $9,000.
Taxable income = $75,000
Tax bracket = 12%
Tax liability = $9,000 ($75,000 x 12%)
Tax Rates for married couples filing jointly are as follows:
10% tax rate for income between $0 and $20,550
12% tax rate for income between $20,551 and $83,550
22% tax rate for income between $83,551 and $178,150
24% tax rate for income between $178,151 and $340,100
32% tax rate for income between $340,101 and $431,900
35% tax rate for income between $431,901 and $647,850
37% tax rate for income of $647,851 or more
Thus, the amount that the married couple filing jointly would pay in federal income taxes is C. $9,000.
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