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Problem 3-42 (Algorithmic) (LO. 5, 6, 9) Preston and Anna are engaged and plan to get married. During 2020, Preston is a full-time student and
Problem 3-42 (Algorithmic) (LO. 5, 6, 9) Preston and Anna are engaged and plan to get married. During 2020, Preston is a full-time student and earns $8,500 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. 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 Filing Single Anna Filing Single Gross income and AG Standard deduction Taxable income Income tax b. Assume that Preston and Anna get married in 2020 and the joint veturn. What is their taxable income and Income tac Round your final answer to nearest whole dollar Married 9 l Gross income wa AGB Sanduction
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