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In 2021, a married couple earned combined wages of $150,000. They have no children but made $18,000 of pre-tax 401(k) contributions. They will claim the standard deduction. Their state allows an exemption of $1000 per person for a total deduction of $2000. Their state tax is a flat rate of 5%. a. Estimate the amounts of Federal and State taxes they will owe.​

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The amounts of Federal and State taxes that the couple will owe will be $25100 and $7500 respectively.

What is a tax?

A tax simply means a compulsory levy that's paid to the government by individuals and businesses.

In this case, the standard deduction for married couples that are filing jointly is $25100. Also, the state tax will be:

= 5% × $150000

= 0.05 × $150000

= $7500

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