During 2012, the Smiths and the Jones both filed joint tax returns. The Smiths' taxable income was $137,000, and the Jones had a total taxable income of $68,500 for the tax year ended December 31, 2012
.a. Using the federal tax rates given in Table 1.2 for married couples filing joint returns, calculate the taxes for both the Smiths and the Jones
.b. Calculate and compare the ratio of the Smiths' to theJones' taxable income and the ratio of the Smiths' to the Jones' taxes. What does this demonstrate about the federal income taxstructure?
Tax Rates Joint Returns
10% $0 to $17,400
15% $17,401 to $70,700
25% $70,701 to $142,700
28% $142,701 to $217,450
33% $217,451 to $388,350
35% Over $388,350. . Get assignment help here
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