Solve the Problem $2013 \text { Marginal Tax Rates, Standard Deductlons, and Exemptlons** }$

question 237

Multiple Choice

Solve the problem. Refer to the table if necessary. $2013 \text { Marginal Tax Rates, Standard Deductlons, and Exemptlons** }$

- Each higher marginal rate begins where the prior one leaves off. For example, for a single person, the $15 \%$ marginal rate affects income starting at $\$ 8925$ , which is where the $10 \%$ rate leaves off, and continuing up to $\$ 36,250$ .
" This table ignores the effects of (i) exemption and deduction phase-outs that apply to high-income taxpayers and (ii) the alternative minimum tax (AMT) that affects many middle-and high-income taxpayers.


-Tom and Toni are married and file jointly. Their combined wages were $78,148. They earned a net of $1593 from a rental property they own, and they received $1665 in interest. They claimed four
Exemptions for themselves and two children. They contributed $3364 to their tax-deferred
Retirement plans, and their itemized deductions total $10,516. Find their taxable income.

• A)$62,442
• B)$49,342
• C)$56,070
• D)$51,926

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