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Preston and Anna are engaged and plan to get married. During 2020, Preston is a full-time student and earns $9,400 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 $9,400 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 $70,400. Click here to access the standard deduction table to use. Click here to access the Tax Rate Schedules. If an amount is zero, enter, "O". Do not round your intermediate computations. Round your final answer to nearest whole dollar. a. Compute the following: Preston Anna Filing Single Filing Single Gross income and AGI $ x Standard deduction Taxable income 0 Income tax 0 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 Taxable income Income tax c. How much income tax can Preston and Anna save if they get married in 2020 and file a joint return? $
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