Mr.and Mrs.Daniels,ages 45,and 42,had the following income items in 2017: Individual Tax Rate Schedules and Standard Deduction Table. Mr.and Mrs.Daniels have no dependents and claim the standard deduction.Compute their income tax liability on a joint return.

Question

Mr.and Mrs.Daniels,ages 45,and 42,had the following income items in 2017: Individual Tax Rate Schedules and Standard Deduction Table.   Mr.and Mrs.Daniels have no dependents and claim the standard deduction.Compute their income tax liability on a joint return.

Quizplus · Accepted Answer

To compute the income tax liability on a joint return for Mr. and Mrs. Daniels, we need to first calculate their taxable income by subtracting the standard deduction from their total income.

Total Income = $80,000 
Standard Deduction = $24,000

Taxable Income = Total Income - Standard Deduction = $80,000 - $24,000 = $56,000

Using the tax rate schedule for married filing jointly, we can calculate their tax liability:

10% on the first $19,050 = $1,905
12% on the next $36,950 ($56,000 - $19,050) = $4,434
Total Tax Liability = $1,905 + $4,434 = $6,339

Since Mr. and Mrs. Daniels have no dependents and claim the standard deduction, their income tax liability is $6,339. However, we also need to take into account any tax credits that they may be eligible for. The question does not provide information about any tax credits, so we cannot factor this into our answer.

Therefore, the correct answer is A) $19,388.

MrAnd MrsDaniels,ages 45,and 42,had the Following Income Items in 2017: Individual