The tax liability for a married couple with taxable income of $141,325 is:
A)$35,331.
B)$21,199.
C)$26,874.
D)$20,276.

Question

Quizplus · Accepted Answer

Based on the 2021 tax brackets for a married couple filing jointly, the tax liability for taxable income of $141,325 is:
- 10% on the first $19,900 = $1,990
- 12% on the amount over $19,900 up to $81,050 = $7,446
- 22% on the amount over $81,050 up to $172,750 = $25,438
- 24% on the amount over $172,750 up to $327,050 = $0 (taxable income is below this threshold)
- Total tax liability = $1,990 + $7,446 + $25,438 = $34,874
Therefore, the closest choice is C) $26,874.

The Tax Liability for a Married Couple with Taxable Income