Scenario 1: So, let's say you make $80,000 per year as self employed, married. Your business expenses are $15,000. You have two dependents, and you have to buy health insurance through the marketplace. Your total healthcare cost for the year for you and your family is $20,000, which includes premiums/deductibles/copays, and you basically max out your out of pocket maximum for the family.
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?
Added (1). And what is your adjusted gross income for each question?
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