Question 1 (12 points) Marc and Johanne are married with a 10-year-old child, who lives with them, and they financially
Posted: Sat Feb 26, 2022 9:13 am
Question 1 (12 points) Marc and Johanne are married with a
10-year-old child, who lives with them, and they financially
support. In 2021, Marc and Johanne realized the following items of
income: Marc’s salary $45,000 Johanne’s salary $90,000 Municipal
bond interest income $1,200 In addition, Marc and Johanne incurred
$18,750 of itemized deductions in 2021. They had no charitable
contributions. Furthermore, their employers withheld $14,000 in
federal income taxes from their paychecks (in aggregate). Finally,
Marc and Johanne’s 10-year- old child qualifies for the $3,000
child tax credit. Compute Marc and Johanne’s tax due or (refund)
for 2021. Show all your work to receive credit. What is Marc and
Johanne’s 2021 marginal tax rate? What is Marc and Johanne’s 2021
effective tax rate?
10-year-old child, who lives with them, and they financially
support. In 2021, Marc and Johanne realized the following items of
income: Marc’s salary $45,000 Johanne’s salary $90,000 Municipal
bond interest income $1,200 In addition, Marc and Johanne incurred
$18,750 of itemized deductions in 2021. They had no charitable
contributions. Furthermore, their employers withheld $14,000 in
federal income taxes from their paychecks (in aggregate). Finally,
Marc and Johanne’s 10-year- old child qualifies for the $3,000
child tax credit. Compute Marc and Johanne’s tax due or (refund)
for 2021. Show all your work to receive credit. What is Marc and
Johanne’s 2021 marginal tax rate? What is Marc and Johanne’s 2021
effective tax rate?