Maude and Moe, who are married and file jointly, have taxable income of $136,000. a. Calculate the couple’s federal income tax using 2012 rates (Table 1.2, being sure to note that Maude and Moe are filing jointly). Show work. b. If in addition to this ordinary income, they have a $3,000 profit from the sale of a stock held for more than one year, then how much will this add to their federal income tax? c. Suppose that Maude is offered a side job that would increase the couple’s taxable ordinary income to $145,000. Does this small increase mean that ALL $145,000 of their ordinary income is taxed at 28%? If not, how much of the income will be taxed at 28%?
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