John and loretta smith are in the 28% tax bracket. their joint taxable income is $134,899. if the first $16,050 is taxed at 10%, with the remainder at 28%, how much tax will they owe?
a: $38,724.75
b: $30,271.75
c: $29,371.72
d: $34,882.72

$34882.72

Step-by-step explanation:

Their joint taxable income is $134,899.

We are given that the first $16,050 is taxed at 10%

So,

Thus the tax on amount 16050 is 1605

Now remaining income = 134899-16050=118849

So, now we are given that remaining is taxed with 28%

So,

So, the total tax = 33277.72+1605=34882.72

Hence they owe $34882.72 as tax.

Hence Option D is correct.