Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Preston and Anna are engaged and plan to get married. During 2020, Preston is a full-time student and earns $6,700 from a part-time job. With

Preston and Anna are engaged and plan to get married. During 2020, Preston is a full-time student and earns $6,700 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 $57,200.

image text in transcribed

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: Preston Filing Single Anna Filing Single Gross income and AGI 6,700 57,200 Standard deduction 12,400 12,400 Taxable income $ 0 45,000 Income tax $ 0 Feedback b. Assume that Preston and Anna get married in 2020 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 24,800 Taxable income one Income tax $ C. How much income tax can Preston and Anna save if they get married in 2020 and file a joint return

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Finance For Non-Finance Executives

Authors: Anurag Singal

1st Edition

1952538327, 9781952538322

More Books

Students also viewed these Accounting questions