Jamie and Wayne are married and filing jointly. Their taxable income is $189,346. Use the Tax Rate Schedule, Exhibit 18-4 from your text, to find their tax liability.

Question

Quizplus · Accepted Answer

To find their tax liability, you need to use the tax rate schedule for married couples filing jointly. Based on the 2023 tax brackets, their income falls into the 24% bracket. Calculate the tax for each bracket up to their income, and sum it up to get $40,263.88.

Jamie and Wayne Are Married and Filing Jointly