Nick and Jessica Are Married Taxpayers That File Married Filing

question 105

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 2017,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 2 decimal places,e.g.,.12345 as 12.35%)(Use tax rate schedule in the text)

---

Definitions:

Metals

Elements that are typically hard, shiny, malleable, fusible, and ductile, with good electrical and thermal conductivity, used in a wide range of industrial and decorative applications.

Energy Currency

This term is often used to describe the primary unit of energy that is spent or exchanged within a biological or ecological system, or in economics to compare energy costs across different types of energy.

Actively Traded

Refers to stocks, securities, or other financial instruments that are frequently bought and sold, often indicated by high trading volumes.

Foreign Currency Futures

Financial contracts obligating the buyer to purchase, and the seller to sell, a specified amount of foreign currency at a predetermined future date and price.