Question
34. Rachel and Harry are planning to get married. Both have successful careers and expect to earn the following this year. Rachel Harry Salary $155,380
34. Rachel and Harry are planning to get married. Both have successful careers and expect to earn the following this year.
Rachel Harry
Salary $155,380 $146,200
Interest Income (taxable) 6,750 45,325
Capital gain/(loss) 5,798 -
Total Income $167,928 $191,525
Itemized deductions $ 28,763 $ 15,271
a. Use the PERSTAX program to calculate their total tax bill as single individuals and determine whether getting married will cost or save them money and how much. Assume that getting married during a year subjects the entire year's income to the married filing jointly rate schedule. Assume there are no state taxes.
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