Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Barry and Michelle plan to marry in December 2021. Barry's salary is $70,000 and he owns his residence. His itemized deductions total $21,550 ($6,700 of

image text in transcribed
Barry and Michelle plan to marry in December 2021. Barry's salary is $70,000 and he owns his residence. His itemized deductions total $21,550 ($6,700 of which are charitable contributions). Michelle's salary is $99,000. Her itemized deductions total only $10,500 (none of which are charitable contributions) as she does not own her residence. Click the icon to view the standard deduction amounts.) (Click the icon to view the 2021 tax rate schedule for the Married filing jointly filing status.) (Click the icon to view the 2021 tax rate schedule for the Single filing status.) Read the mouirements Requirement a. What will their 2021 tax be if they marry before yoar-end and file a joint return? Adjusted gross income $ 169,000 Minus: Itemized deductions (32,050 Taxable income $ 136,950 (Use the 2021 tax rate schedule for all tax calculations. Do not round intermediary calculations. Only round the amount you enter in the input field to the nearest dolar) Barry and Michelle's gross tax if they file a joint return is $ 21,626 Requirement b. What will their combined 2021 taxes be if they delay the marriage until 20227 Compute the taxable income for Barry Adjusted gross income $ 70,000 Minus: Itemized deductions (21.550) Taxable income 48,450 $ Use the 2029 tax rate schedule for all tax calculations. Do not round intermediary calculations. Only round the amount you enter in the input field to the nearest dolar) Barry's gross tax it he fles as a single taxpayer is

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Exploring Public Relations Global Strategic Communication

Authors: Ralph Tench, Liz Yeomans

4th Edition

1292112182, 9781292112183

More Books

Students also viewed these Accounting questions

Question

List the four parts of the self-motivation model.

Answered: 1 week ago

Question

Identify the four parts of the model for writing objectives.

Answered: 1 week ago