Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. jillian and gus are married and file a joint retur

Jillian and Gus are married and file a joint return. They expect to have $180,000...

90.2K

Verified Solution

Question

Accounting

Jillian and Gus are married and file a joint return. They expect to have $180,000 of taxable income in the next year and are considering whether to purchase a personal residence that would provide additional tax deductions of $36,000 for mortgage interest and real estate taxes.

.

Requirement a. What is their marginal tax rate for purposes of making this decision? (Enter amounts as percentages to one decimal place.)

What is the marginal tax rate if the personal residence is not purchased?

%

What is the marginal tax rate if the personal residence is purchased?

.

If taxable income is: The tax is:
Not over $19,050 10% of taxable income.
Over $19,050 but not over $77,400 $1,905.00 + 12% of the excess over $19,050.
Over $77,400 but not over $165,000 $8,907.00 + 22% of the excess over $77,400.
Over $165,000 but not over $315,000 $28,179.00 + 24% of the excess over $165,000.
Over $315,000 but not over $400,000 $64,179.00 + 32% of the excess over $315,000.
Over $400,000 but not over $600,000 $91,379.00 + 35% of the excess over $400,000.
Over $600,000 $161,379.00 + 37% of the excess over $600,000.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students