How does impact george tax due

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Reference no: EM133082141

Max and Jo are married, and together they have a taxable income of $60,000. The tax brackets and tax rates are as follows:

$0-$19,050: 10%

$19,050-$77,400: 12%

$77,400-$165,000: 22%

How much tax should Max and Jo pay?

A. $6,819

B. $7,200

C. $1,905

D. $4,914

2. George contributes $1,500 to his own retirement savings accounts during the year. How does this impact George's tax due?

A.George's tax due increases as he is eligible for a nonrefundable tax credit of $2,000.

B. George's tax due increases as he is eligible for a refundable tax credit of $2,000.

C. George's tax due reduces as he is eligible for a nonrefundable tax credit of $1,000.

D. George's tax due reduces as he is eligible for a refundable tax credit of $1,000.

Reference no: EM133082141

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