Harold and wanda married filing jointly have 30000 ordinary, Ask an Expert

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Harold and Wanda (married filing jointly) have $30,000 ordinary income after the standard deduction and personal exemption, and $50,000 in unrecaptured depreciation of the sale of rental property, for total taxable income of $80,000. For 2014, the 10 percent tax bracket for married taxpayers filing jointly ends at $18,150, the next $55,650 in taxable income is taxed at 15% and 25% applies to the next $75,050. What is Harold and Wanda's tax?

A, $7,500

B. $11,093

C. $11,713

D. $16,093

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M91543375

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