The Benjamin family had wage earnings of $199,000 in 2015. They received interest of $4,500...
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Accounting
The Benjamin family had wage earnings of $199,000 in 2015. They received interest of $4,500 on corporate bonds and $1,500 on bonds issued by the state. Their dividend income was $500, and they had a $1,000 long-term capital gain on the sale of securities. They paid real estate taxes of $1,450 and state income tax of $3,000, and they donated $550 to their church. They paid interest of $8,000 on their home mortgage. They have one dependent child. The exemption rate is $4,000 per person. Capital gains tax rate is 15%.
Single Individuals
Married Couples Filing Jointly
Income ($)
Rate (%)
Income ($)
Rate (%)
0-9,225
10
0-18,450
10
9,225-37,450
15
18,450-74,900
15
37,450-90,750
25
74,900-151,200
25
90,750-189,300
28
151,200-230,450
28
189,300-411,500
33
230,450-411,500
33
411,500-413,200
35
411,500-464,850
35
Over 413,200
39.6
Over 464,850
39.6
What was their tax liability for 2015 assuming they file jointly as a married couple? Use the Personal Tax Schedules given above. Round the answer to the nearest cent.
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