Use the 2016 Tax Table for Married Couples Filing Jointly to calculate the tax due from a married couple filing jointly with a taxable income of $158,000. (Round your answer to the nearest cent.)

Answer 1

From the IRS website (www.irs.gov) we can use the search bar to find the 2016 individual income tax table for form 1040. Since the taxable income in the question is over $100,000, we'll use the 2016 tax computation worksheet located at the bottom of the tax tables as the website will instruct.

From there, locate the range in which $158,000 falls in under section B (married filing jointly). In this case, we'd focus only on the row that begins with ranges "over $151,900 but not over $231,450". There are two simple math equations to find the tax due to find the answer from here.

We'd take the $158,000 and multiply it by the amount in that row which is 28%.

158,000 x .28 = 44,240

Next, subtract the amount shown in the same row from $44,240. This is $13,014.50 in the worksheet.

44,240 - 13,014.50 = 31,225.50.

So, they would have tax due of $31,225.50 as our answer.