00:01
Okay, so we're going to be looking at a couple that is going to be filing the tax returns jointly.
00:07
Okay, so let's find out what information we have.
00:11
The gross income for this couple is actually $150 ,000.
00:20
All right, so that's the starting point.
00:23
How do we compute this? how much is owing to the federal...
00:27
In federal taxes.
00:32
Okay, so the taxable income, the taxable income is calculated as the difference between the cross -income, which is the $150 ,000 minus the standard deduction.
01:01
We have a standard deduction.
01:04
Okay, so how much are we looking at yet? the gross income is actually $150 ,000 minus the standard deduction stands at $24 ,800.
01:20
So this gives us an amount of $125 ,000, $200 ,000.
01:30
$125 ,200...