The tax liability for a married couple with taxable income of $78,209 is:

Question

Quizplus · Accepted Answer

To calculate the tax liability for a married couple with a taxable income of $78,209, we need to use the tax tables provided by the IRS. Based on the 2021 tax tables, a married couple filing jointly with a taxable income of $78,209 falls into the 22% tax bracket.

The first $19,900 is taxed at 10%, which is $1,990. The income between $19,901 and $81,050 is taxed at 12%, which is $6,249. The remaining income between $81,051 and $78,209 is taxed at 22%, which is -$980 (yes, negative - this is due to the income being below the upper limit of the tax bracket).

Adding these amounts together, we get a total tax liability of $7,259. However, the couple may also be eligible for some tax credits, such as the child tax credit, which could lower their overall tax liability.

The Tax Liability for a Married Couple with Taxable Income