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Please help with answers to 2-42 & 2-43, Thank You! 1:2-43 Marriage and Taxes. Bill and Mary plan to marry in December 2017. Bill's salary
Please help with answers to 2-42 & 2-43, Thank You!
1:2-43 Marriage and Taxes. Bill and Mary plan to marry in December 2017. Bill's salary is $32,000 and he owns his 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 her residence. For purposes of this problem, assume 2018 tax rates, exemptions, and standard deduc- tions are the same as 2017. a. What will their 2017 tax be if they marry before year-end and file a joint return? b. What will their combined 2017 taxes be if they delay the marriage until 2018? c. What factors contribute to the difference in taxes? Filing Requirement. Which of the following taxpayers must file a 2017 return? a. Amy, age 19 and single, has $8,050 of wages, $800 of interest, and $350 Of self- employment income. b. Betty, age 67 and single, has a taxable pension of S9,100 and Social Security benefits of $6,200.
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