To determine the tax owed for a married couple filing jointly with a taxable income of [tex]$29,200 using the provided tax table, we need to follow the specific guidelines for the income ranges and apply the appropriate tax percentages and increments.
### Step-by-Step Calculation:
1. Identify the applicable tax bracket:
- The taxable income of $[/tex]29,200 falls within the range of [tex]$19,050 to $[/tex]77,400. According to the table, this range has a base amount and an additional percentage for income over [tex]$19,050.
2. Break down the calculation:
- The base tax for the range $[/tex]19,050 to [tex]$77,400 is $[/tex]1,905.
- The percentage for any amount over [tex]$19,050 within this range is 12%.
3. Calculate the tax for the amount over $[/tex]19,050:
- First, determine how much of the taxable income exceeds [tex]$19,050.
\[
\$[/tex]29,200 - \[tex]$19,050 = \$[/tex]10,150
\]
- Apply the 12% tax rate to this excess amount.
[tex]\[
10,150 \times 0.12 = 1,218
\][/tex]
4. Add the base tax to the calculated excess amount:
- The total tax owed is the sum of the base tax and the tax for the excess amount.
[tex]\[
1,905 + 1,218 = 3,123
\][/tex]
### Result:
The total tax owed for a taxable income of [tex]$29,200 is \( \$[/tex]3,123 \).
