Problem 1 Davenports Thompsons Salary ( earned by one spouse) $36,000 $95,000 Interest 1,600 10,300 Deductible IRA contribution 2,500 0 Itemized...

Married, Filing Joint and Surviving Spouse

If taxable income is:                                           The tax is:

Not over $18,450. .................... 10% of taxable income.

Over $18,450 but not over $74,900. . .. .. . $1,845.00 + 15% of the excess over $18,450. Over $74,900 but not over $151,200...... $10,312.50 + 25% of the excess over $74,900. Over $151,200but not over $230,450. .... $29,387.50 + 28% of the excess over $151,200. Over $230,450but not over $411,500... .. $51,577.50 + 33% of the excess over $230,450. Over $411,500but not over $464,850. .... $111,324.00 + 35% of the excess over $411,500.

Over $464,850.......................  $129,996.50 + 39.6% of the excess over $464,850.