Question

2023 federal income tax brackets
the table provides a comprehensive overview of the 2023 federal income tax brackets and rates from the irs for different filing statuses, including single filer, married couples filing jointly, and head of household.
2023 federal income tax brackets and rates for different filing groups

tax rate	single filer	married filing jointly	head of household
12%	$11,001 to $44,725	$22,001 to $89,450	$15,701 to $59,850
22%	$44,726 to $95,375	$89,451 to $190,750	$59,851 to $95,350
24%	$95,376 to $182,100	$190,751 to $364,200	$95,351 to $182,100
32%	$182,101 to $231,250	$364,201 to $462,500	$182,101 to $231,250
35%	$231,251 to $578,125	$462,501 to $693,750	$231,251 to $578,100
37%	$578,126 or more	$693,751 or more	$578,101 or more

a married couple filing jointly has a taxable income of $250,000. how much is their federal income tax?
options:
$55,943
$49,807
$58,223
$46,800

Explanation:

Step1: Identify tax brackets for married filing jointly

For married filing jointly, the tax brackets are:

• $0 to $22,000: 10%
• $22,001 to $89,450: 12%
• $89,451 to $190,750: 22%
• $190,751 to $364,200: 24%
• $364,201 to $462,500: 32%
• $462,501 to $693,750: 35%
• $693,751 or more: 37%

The taxable income is $250,000, which falls into the $190,751 to $364,200 bracket (24%) and the previous brackets.

Step2: Calculate tax for each bracket

1. First bracket ($0 - $22,000): $22,000 * 10% = $2,200
2. Second bracket ($22,001 - $89,450): ($89,450 - $22,000) * 12% = $67,450 * 0.12 = $8,094
3. Third bracket ($89,451 - $190,750): ($190,750 - $89,450) * 22% = $101,300 * 0.22 = $22,286
4. Fourth bracket ($190,751 - $250,000): ($250,000 - $190,750) * 24% = $59,250 * 0.24 = $14,220

Step3: Sum the taxes

Total tax = $2,200 + $8,094 + $22,286 + $14,220 = $46,800

Answer:

$46,800