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If my income for the state of Vermont is 53,659 for 2022 and I am filing married jointly how much state income tax is owed?
AI accountant’s answer:
To provide an estimate of your Vermont state income tax owed when filing married jointly with a combined taxable income of $53,659 for the 2022 tax year, we can refer to the Vermont tax rate schedules. However, please note that the actual calculation may vary depending on other tax factors, deductions, and credits.
As of the 2021 tax year (as 2022 tax brackets are not yet available), Vermont's income tax brackets for married filing jointly are as follows:
- 3.35% on the first $39,600 of taxable income
- 6.6% on taxable income between $39,601 and $96,000
- 7.6% on taxable income between $96,001 and $200,200
- 8.75% on taxable income of $200,201 and above
Based on this information for the 2021 tax year and your taxable income of $53,659 (assuming no major changes in tax brackets for 2022):
1. Calculate the tax on the first $39,600 of income: $39,600 x 3.35% = $1,326.60
2. Then calculate the tax on the remaining income above $39,600: $53,659 - $39,600 = $14,059. Next, multiply the remaining income by the 6.6% tax rate: $14,059 x 6.6% = $927.89
3. Finally, add the taxes owed: $1,326.60 + $927.89 = $2,254.49
Using the 2021 tax brackets, you would owe an estimated $2,254.49 in Vermont state income tax for the combined income of $53,659 when filing married jointly. Please consider that tax rates and brackets may change for the 2022 tax year, and the exact calculation may also depend on deductions and credits that apply to your specific tax situation.
Comment from reviewer
The income tax brackets for MFJ for Vermont are different.
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