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John and Susan are a couple but not yet married. The are contemplating the tax effects of getting married. John earns $145,000 and Susan earns
John and Susan are a couple but not yet married. The are contemplating the tax effects of getting married. John earns $145,000 and Susan earns $80,000. Ignore itemized deductions and possible children. You can refer to the text for standard deduction and tax rates or to instructions to Form 1040 (https://www.irs.gov/publrs-pdf/1040gi.pdf) Complete the following table (2 point). Year 2018 John Susan Combined Susan John $145,000 Earns $145,000 $80,000 $80,000 A+B D+E John Head of John and Susan are NOT MARRIED. What is there combined tax? John Head of Household (HoH) John/Susan Married Filing Jointly (MFJ) John- Married Filing Separately (MFS) Susan - Married Filing Separately (MFS) Household (HoH) Combined Joh Susan MFS Standard deduction NA Taxable income NA Tax NA NA NA NA Credits Tax, net of credits Show calculations below NA II. Show tax calculations (for columns A, B, C, D, E (2 points) A1. Copy and paste tables used - Remember to use 2018 tables A2. Show calculations - You can use any format, including Excel files, as long as they are easy to read. III. Comment on what you have learned from the three scenarios thus far (1 point; maximum of 0.25 for mediocre work - to get 1.0 it must be interesting enough to be publishable in a newspaper)
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