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Preston and Anna are engaged and plan to get married. During 2021, Preston is a full-time student and earns $7,600 from a part-time job. With
Preston and Anna are engaged and plan to get married. During 2021, Preston is a full-time student and earns $7,600 from a part-time job. With this income, student loans, savings, and nontaxable scholarships, he is self-supporting. For the year, Anna is employed and has wages of $68,200.
a. Compute the following: Anna Preston Filing Single Filing Single Gross income and AGI $ Standard deduction (single) Taxable income $ Income tax b. Assume that Preston and Anna get married in 2021 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 and AGI $ Standard deduction (married, filing jointly) Taxable income Income tax $ c. How much income tax can Preston and Anna save if they get married in 2021 and file a joint returnStep by Step Solution
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