Nick and Jessica Are Married Taxpayers That File Married Filing

question 59

Essay

Nick and Jessica are married taxpayers that file married filing separately.Jessica earns $250,000 of taxable income per year.Nick earns $130,000 of taxable income per year.Using the appropriate U.S.tax rate schedule for year 2019, how much tax does each of them pay? What are their marginal and average tax rates? How much tax would they save, if any, if they filed jointly? (Round the tax rates to two decimal places, e.g., .12345 as 12.35 percent.)(Use tax rate schedule.)

---

Definitions:

Political Campaigns

Organized efforts to influence the decision-making process within a specific group, often associated with candidates running for political office.

Political Action Committees (PACs)

Organizations that collect funds to donate to political campaigns or to spend on issues and activities to influence government policy.

Business and Professional Groups

Organizations that represent the interests of businesses and professional practitioners, often engaging in lobbying and advocacy efforts.

Third Parties

are political parties that operate alongside the two major parties in a two-party system, typically having less influence and smaller bases of support.