Question

according to the table, if a married couple filing jointly earns $67,400, what will their taxes be to the nearest dollar?
2 gross taxable earnings, e taxes due
3 single
4 0 to 6,999.99 0.1e
5 7,000 to 28,399.99 0.15e - 350
6 28,400 to 68,799.99 0.25e - 3,190
7 68,800 to 143,499.99 0.28e - 5,254
8 143,500 to 311,949.99 0.33e - 12,429
9 311,950 and over 0.35e - 18,668
10 head of household
11 0 to 9,999.99 0.10e
12 10,000 to 38,049.99 0.15e - 500
13 38,050 to 98,249.99 0.25e - 4,305
14 98,250 to 159,099.99 0.28e - 7,252.50
15 159,100 to 311,949.99 0.33e - 15,207.50
16 311,950 and over 0.35e - 21,346.50
17 married filing jointly
18 0 to 13,999.99 0.10e
19 14,000 to 56,799.99 0.15e - 700
20 56,800 to 114,649.99 0.25e - 8,380
21 114,650 to 174,699.99 0.28e - 9,819.50
22 174,700 to 311,949.99 0.33e - 18,554.50
23 311,950 and over 0.35e - 24,792.50

Explanation:

Step1: Identify the tax bracket

The couple is married filing jointly with earnings \( E = 67400 \). Looking at the "Married Filing Jointly" section, the range \( 56800 \) to \( 114849.99 \) includes \( 67400 \), so the tax formula is \( 0.25E - 8380 \).

Step2: Substitute \( E \) into the formula

Substitute \( E = 67400 \) into \( 0.25E - 8380 \):
\[
0.25\times67400 - 8380
\]
First, calculate \( 0.25\times67400 \):
\[
0.25\times67400 = 16850
\]
Then subtract \( 8380 \):
\[
16850 - 8380 = 8470
\]

Answer:

8470