Question
Preston and Anna are engaged and plan to get married. Preston is a full-time student and earns $7,600 from a part-time job. With this income,
Preston and Anna are engaged and plan to get married. 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 reports $75,200 in wages.
Click here to access the standard deduction table to use. Click here to access the Tax Rate Schedules. 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:
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b. Assume that Preston and Anna get married in 2018 and file a joint return. What is their taxable income and income tax? Round your final answer to nearest whole dollar.
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c. How much Federal income tax can Preston and Anna save if they get married in 2018 and file a joint return? $
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