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Sagot :
If the taxpayer and his wife has to file the income tax return jointly , then they will fall into 25% tax bracket .
A tax return is a form submitted to a tax authority that reports income, expenses, and other relevant tax information. Taxpayers can use tax returns to calculate their tax liability, schedule tax payments, and request a refund of overpaid taxes. Most jurisdictions require annual tax returns for individuals or entities with reportable income including wages, interest, dividends, capital gains, or other income.
To Find:
The tax payer and his wife tax return jointly, which tax bracket will they fall into.
Given :-
A taxpayer had a taxable income of $42,700, and his spouse had a taxable income of $48,100.
If they wish to file their tax return jointly then
$42,700 + $48,100 = $ 90,800
In married filling jointly table
The combine salary $90,800 lies between $67,900 - $ 137,050
so, the tax bracket is 25%
Therefore, they fall into 25% tax bracket.
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