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In 2020, Jasmine and Thomas, a married couple, had taxable income of $99,500
In 2020, Jasmine and Thomas, a married couple, had taxable income of $99,500. If they were to file separate tax returns, Jasmine would have reported taxable income of $89,500 and Thomas would have reported taxable income of $10,000. Use Tax Rate Schedule for reference.
What is the couple's marriage penalty or benefit? (Do not round intermediate calculations.)
brarriage benefit
Expert Solution
| Computation of Marriage Benefit: | ||||
| Married Couple | Taxable Income | Tax if file jointly | Tax if file single | Marriage Penalty (Benefit) |
| Jasmine | 89500 | 15559.5 | ||
| Thomas | 10000 | 1002.5 | ||
| Combined | 99500 | 13470 | 16562 | 3092 |
| Computation of Marriage Benefit: | ||||
| Married Couple | Taxable Income | Tax if file jointly | Tax if file single | Marriage Penalty (Benefit) |
| Jasmine | 89500 | =14605.5+(89500-85525)*24% | ||
| Thomas | 10000 | =987.5+(10000-9875)*12% | ||
| Combined | =89500+10000 | =9235+(99500-80250)*22% | =15559.5+1002.5 | =16562-13470 |
So, Marriage Benefit is of $3092.
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