Calculate their net income after taxes

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In the year 2000, a couple with two small children has combined salaries of $125,468; dividend and interest income of $2,666; and capital gains income of $8,540. Since they do not have substantial deductions, they plan on taking the standard deduction of $7,400. The personal exemption is $3,000. The couple is filing their return under the status of “Married - filing jointly.” The state has a flat tax rate of 6% of the taxable income. Calculate their net income after taxes and the percentage of their gross income they will pay in taxes.

Reference no: EM13995790

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