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Nick and Jessica Are Married Taxpayers That File Married Filing

question 92

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 2020, 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:

Somatic Cell

In animals, a cell of the body not involved in formation of gametes. Compare with germ line cell.

Interphase

The stage of the cell cycle between successive mitotic divisions; its subdivisions are the G-22 / Glossary phases.

M Phases

The phase in the cell cycle where mitosis and cytokinesis occur, leading to cell division.

Kinetochores

Protein complexes that assemble on the centromere of a chromosome, playing a crucial role in chromosome segregation during cell division.

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