Dilbert and Donna had a combined gross income of $227,300 in 2009. When filing their federal income tax return with the Married Filing Jointly filing status, they took the standard deduction of $11,400, claimed themselves as exemptions for $3650 each, and did not have any other adjustments to income. According to the following table, which income tax bracket did they fall into?

Income tax is a type of tax that governments impose on income generated by businesses and individuals within their jurisdiction.
Income tax is used to fund public services, pay government obligations, and provide goods for citizens.

What is income tax with example?

Taxes levied on the earnings of companies and individuals are referred to as income taxes.
Earnings subject to income taxes can come from diverse sources, including wages, salaries, dividends, interest, royalties, rents, gambling winnings, and product sales.

The purpose of the income tax was to make up for revenue that would be lost by tariff reductions.
The US Supreme Court ruled the income tax unconstitutional, the 10th amendment forbidding any powers not expressed in the US Constitution, and there being no power to impose any other than a direct tax by apportionment.

Wealth Tax. If you want to know about the different types of income tax, start with the wealth tax.
Corporate Tax. As per the IT Act of 1961, national as well as international corporate organisations are also required to pay corporate tax.
Capital Gains Tax.

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