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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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