FIN 334
Tax Calculation Problems
Kameron and Stacy Tesch earned a combined income of $140,000 in 2024.
How much tax do they pay for federal, state, and FICA?
How much is the couple's tax-home pay for 2024?
Federal Tax Brackets
Single
Married Filing Jointly
Tax
Taxable income bracket
Tax rate
Taxable income bracket
rate
10%
$0 to $11,600
10%
$0 to $23,200
12%
$11,600 to $47,150
12%
$23,200 to $94,300
22%
$47,150 to $100,525
22%
$94,300 to $201,050
24%
$100,525 to $191,950
24%
$201,050 to $383,900
32%
$191,950 to $243,725
32%
$383,900 to $487,450
35%
$243,725 to $609,350
35%
$487,450 to $731,200
37%
$609,350 or more
37%
$731,200 or more
The standard deduction for a single taxpayer
in 2024 is $14,600.
The standard deduction for a couple married filing jointly in
2024 is $29,200.
Social security tax is 6.2% of the first $168,600 of income for each taxpayer. Medicare tax is 1.45% of income. There
is no income limit on the Medicare tax.
Single
Tax
Taxable income bracket
rate
3.50%
$0 to $13,810
4.40%
$13,810 to $27,630
5.3%
$27,630 to $304,170
7.65%
$304,170 and above
The Wisconsin state standard deduction is
Wisconsin State Tax Brackets
Married Filing Jointly
Tax rate
Taxable income bracket
3.50%
$0 to $18,420
4.40%
$18,420 to $36,840
5.3%
$36,840 to 405,550
7.65%
$405,550 and above
phased out based on income. See table next
page. (Assume no standard deduction for
this problem)
The Wisconsin state standard deduction is phased out
based on income. See table next page. (Assume no
standard deduction for this problem)