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Bill and Mary plan to marry in December 2011. Bill's salary is $32,000 and he owns a residence. His itemized deductions total $12,000. Mary's salary
Bill and Mary plan to marry in December 2011. Bill's salary is $32,000 and he owns a residence. His itemized deductions total $12,000. Mary's salary is $39,000. Her itemized deductions total only $1,600 as she does not own a residence. Assume that 2012 tax rates, exemptions, and standard deductions are the same as 2011. A. What will their tax be if they marry before year-end and file a joint return? B. What will their combined taxes be for the year if they delay the marriage until 2012? C. What factors will contribute to the difference in the taxes? Show step by step solutions to claculations
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