Solve the problem. Refer to the table if necessary. 2013 Marginal Tax Rates, Standard Deductlons, and Exemptlons**

"Each higher marginal rate begins where the prior one leaves off. For example, for a single person, the $15 \%$ marginal rate affects income starting at $\$ 8925$, which is where the $10 \%$ rate leaves off, and continuing up to $\$ 36,250$.
" "This table ignores the effects of (i) exemption and deduction phase-outs that apply to high-income taxpayers and (ii) the alternative minimum tax (AMT) that affects many middle-and high-income taxpayers.
-Kelly and Kurt are married filing jointly with a taxable income of $92,745. Calculate the amount of tax owed.

Question

Solve the problem. Refer to the table if necessary. 2013 Marginal Tax Rates, Standard Deductlons, and Exemptlons**

"Each higher marginal rate begins where the prior one leaves off. For example, for a single person, the $15 \%$ marginal rate affects income starting at $\$ 8925$, which is where the $10 \%$ rate leaves off, and continuing up to $\$ 36,250$.
" "This table ignores the effects of (i) exemption and deduction phase-outs that apply to high-income taxpayers and (ii) the alternative minimum tax (AMT) that affects many middle-and high-income taxpayers.
-Kelly and Kurt are married filing jointly with a taxable income of $92,745. Calculate the amount of tax owed.

Quizplus · Accepted Answer

For the 2022 tax year, a married couple filing jointly with a taxable income of $92,745 falls within the 22% tax bracket, which ranges from $83,551 to $178,150. However, the U.S. tax system is progressive, meaning not all income is taxed at the same rate. To calculate the tax owed, you would apply the rates for each bracket up to the total income. The exact calculation depends on the tax brackets and standard deduction for that year, but without performing the detailed calculation, option A is chosen based on the information provided.

Solve the Problem 15%15 \%15% Marginal Rate Affects Income Starting At $8925\$ 8925$8925

Solve the Problem $15 \%$ Marginal Rate Affects Income Starting At $\$ 8925$