Question
Chris and Heather are engaged and plan to get married. During 2017, Chris is a full-time student and earns $8,500 from a part-time job. With
Chris and Heather are engaged and plan to get married. During 2017, Chris is a full-time student and earns $8,500 from a part-time job. With this income, student loans, savings, and nontaxable scholarships, he is self-supporting. For the year, Heather is employed and reports $68,200 in wages. The personal exemption amount for 2017 is $4,050.
If an amount is zero, enter, "0". Do not round your intermediate computations. Round your final answer to nearest whole dollar.
a. Compute the following:
Chris Filing Single
Heather Filing Single
Gross income and AGI $ $ Standard deduction
Personal exemption Taxable income $ $ Income tax $ $
b. Assume that Chris and Heather get married in 2017 and file a joint return. What is their taxable income and income tax? Round your final answer to nearest whole dollar.
Married Filing Jointly Gross income $ Standard deduction Personal exemptions Taxable income $ Income tax $
c. How much Federal income tax can Chris and Heather save if they get married in 2017 and file a joint return? $
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started