suppose a married couple have the following individual adjusted gross incomes, total combined deductions…

suppose a married couple have the following individual adjusted gross incomes, total combined deductions, and medical expenses. answer parts (a) - (f). click the icon to view the 2021 marginal tax rates and standard deductions. adjusted gross income of spouse 2: $67,000 combined deductions without medical expenses: $33,000 medical expenses for spouse 1: $10,200 medical expenses for spouse 2: none medical expenses in excess of 7.5% of adjusted gross income can be claimed as a deduction. b. calculate the income tax owed by the couple if they file jointly. the income tax owed by the couple if they file jointly is $ (simplify your answer.)

suppose a married couple have the following individual adjusted gross incomes, total combined deductions, and medical expenses. answer parts (a) - (f). click the icon to view the 2021 marginal tax rates and standard deductions. adjusted gross income of spouse 2: $67,000 combined deductions without medical expenses: $33,000 medical expenses for spouse 1: $10,200 medical expenses for spouse 2: none medical expenses in excess of 7.5% of adjusted gross income can be claimed as a deduction. b. calculate the income tax owed by the couple if they file jointly. the income tax owed by the couple if they file jointly is $ (simplify your answer.)

Answer

Explanation:

Step1: Calculate total adjusted gross income

$67000$ (spouse 2) + $0$ (information about spouse 1's income not given, assume 0 for now) = $67000$

Step2: Calculate deductible medical expenses

For spouse 1, $7.5%$ of adjusted - gross income of spouse 1 (assumed 0) is $0$. For spouse 2, $7.5%$ of $67000=0.075\times67000 = 5025$. Since spouse 2 has no medical expenses and spouse 1 has $10200$ medical expenses, the deductible medical expenses $=10200 - 0=10200$ (as $10200>5025$).

Step3: Calculate total deductions

Combined deductions without medical expenses are $33000$. Add deductible medical expenses: $33000 + 10200=43200$

Step4: Calculate taxable income

Taxable income = Total adjusted gross income - Total deductions. Taxable income $=67000 - 43200 = 23800$

Step5: Determine tax rate (using 2021 married - filing - jointly tax brackets, assume we know the brackets)

For a taxable income of $23800$ in 2021 (married - filing - jointly), the tax rate is $10%$ (assuming it falls in the first bracket).

Step6: Calculate income tax

Income tax = Taxable income $\times$ Tax rate. Income tax $=23800\times0.1 = 2380$

Answer:

$2380$