Federal Tax Brackets and Associated Tax Rates for Married Filing Jointly (2018)

If your taxable
income is over	but not over	your tax is
$0	$19,050	10% of your taxable income
$19,050  	$77,400	$1,905 + 12% of the amount over $19,050 
$77,400	$165,000	$8,907 + 22% of the amount over $77,400
$165,000 	$315,000	$28,179 + 24% of the amount over $165,000 
$315,000    	$400,000	$64,179 + 32% of the amount over $315,000 
$400,000       	$600,000	$91,379 + 35% of the amount over $400,000

Using this table, if you are a married couple filing jointly with a taxable income of $29,200, how much tax do you owe?

$3,123

$1,905

$2,920

$3,504

To calculate the federal tax for a married couple filing jointly with a taxable income of $29,200, we need to use the appropriate tax brackets.

### Step 1: Identify the correct tax bracket
Since $29,200 falls in the range between $19,050 and $77,400, the applicable tax formula is:

\[
\text{Tax} = \$1,905 + 12\% \text{ of the amount over } \$19,050
\]

### Step 2: Calculate the amount over $19,050
\[
\text{Amount over } \$19,050 = 29,200 - 19,050 = 10,150
\]

### Step 3: Calculate 12% of this amount
\[
12\% \text{ of } 10,150 = 0.12 \times 10,150 = 1,218
\]

### Step 4: Calculate the total tax
\[
\text{Total tax} = 1,905 + 1,218 = 3,123
\]

### Conclusion:
The tax owed is **$3,123**.

The correct answer is: **$3,123**.

Would you like any details or have more questions?

Here are 5 related questions:
1. How do tax brackets work for different filing statuses?
2. What deductions can reduce taxable income for married couples?
3. How are tax credits different from tax deductions?
4. How do capital gains taxes fit into the income tax calculation?
5. What are some strategies to minimize federal income tax?

**Tip:** Always verify which deductions and credits you qualify for when calculating your tax to reduce your taxable income.

Using this table, if you are a married couple filing jointly with a taxable income of $29,200, how much tax do you owe?

Understand how to calculate the federal tax owed by a married couple filing jointly with a taxable income of $29,200. This problem involves key tax calculation concepts, including the use of piecewise functions to apply different tax rates.

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