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  3. the benjamin family had wage earnings of $199,000

The Benjamin family had wage earnings of $199,000 in 2015. They received interest of $4,500...

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Accounting

The Benjamin family had wage earnings of $199,000 in 2015. They received interest of $4,500 on corporate bonds and $1,500 on bonds issued by the state. Their dividend income was $500, and they had a $1,000 long-term capital gain on the sale of securities. They paid real estate taxes of $1,450 and state income tax of $3,000, and they donated $550 to their church. They paid interest of $8,000 on their home mortgage. They have one dependent child. The exemption rate is $4,000 per person. Capital gains tax rate is 15%.

Single Individuals Married Couples Filing Jointly
Income ($) Rate (%) Income ($) Rate (%)
0-9,225 10 0-18,450 10
9,225-37,450 15 18,450-74,900 15
37,450-90,750 25 74,900-151,200 25
90,750-189,300 28 151,200-230,450 28
189,300-411,500 33 230,450-411,500 33
411,500-413,200 35 411,500-464,850 35
Over 413,200 39.6 Over 464,850 39.6

What was their tax liability for 2015 assuming they file jointly as a married couple? Use the Personal Tax Schedules given above. Round the answer to the nearest cent.

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