How much taxes would you pay?
a. How much taxes would you pay? Please show math and explanation
b. Now, what if you're NOT married but have those two dependents, and all the numbers are still the same (including health insurance), now how much would you pay in taxes?
Scenario 2: Same scenario as above WITH this addition: You now also have rental income. You rent out your house for $5,000 a month, which means you get an extra $60,000 in rental income per year. Your mortgage loan on that house is $400,000 with a 3.5 percent yearly interest. (The total value for the house is $450,000, but you already paid the $50,000 as a downpayment, and you're left with the $400,000 loan.)
a. How much taxes would you pay?