John and Loretta Smith are in the 28% tax bracket. Their joint taxable income is $134,899. If the first $16,050 is taxed at 10%, with the remainder at 28%, how much tax will they owe?

A: $38,724.75

B: $30,271.75

C: $29,371.72

D: $34,882.72

Question

Heaven Whitaker

13 January, 03:11

+3

Answers (1)

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Aurora Burke · Answer 1

0.10*16,050+0.28 * (134,899-16,050) = 34,882.72

John and Loretta Smith are in the 28% tax bracket. Their joint taxable income is $134,899. If the first $16,050 is taxed at 10%, with the remainder at 28%, how much tax will they owe?A: $38,724.75B: $30,271.75C: $29,371.72D: $34,882.72