Federal Income Tax​structure

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

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.b. Calculate and compare the ratio of the​ Smiths' to the​Jones' taxable income and the ratio of the​ Smiths' to the​ Jones' taxes. What does this demonstrate about the federal income tax​structure?

Taxable Income
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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