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Problem 3-39 (Algorithmic) (LO. 5, 6, 9) Chris and Heather are engaged and plan to get married. During 2020, Chris is a full-time student and
Problem 3-39 (Algorithmic) (LO. 5, 6, 9) Chris and Heather are engaged and plan to get married. During 2020, Chris is a full-time student and earns $5,800 from a part-time job. With this income, student loans, savings, and nontaxable scholarships, he is self-supporting. For the year, Heather is employed and has wages of $74,800. 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: Chris Filing Single Heather Filing Single Gross income and AGI Standard deduction Taxable income Income tax b. Assume that Chris and Heather 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 Chris and Heather save if they get married in 2020 and file a joint return
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