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Problem 3-42 (LO. 5, 6, 9) Roy and Brandi are engaged and plan to get married. During 2020, Roy is a full-time student and earns
Problem 3-42 (LO. 5, 6, 9) Roy and Brandi are engaged and plan to get married. During 2020, Roy is a full-time student and earns $9,000 from a part-time job. With this income, student loans, savings, and nontaxable scholarships, he is self-supporting. For the year, Brandi is employed and has wages of $61,000. 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 answers to nearest whole dollar. a. Compute the following: Roy Filing Single Brandi Filing Single Gross income and AGI 9,000 S 61,000 Standard deduction 6,350 X 6,350 X Taxable income 4,050 x S 4,050 X Income tax 0 S 50,600 x Feedback Check My Work If married individuals elect to file separate returns, each reports only his or her own income, exemptions, deductions, and credits, and each must use the Tax Rate Schedule applicable to married taxpayers filing separately. It is generally advantageous for married individuals to file a joint return, because the combined amount of tax is lower. b. Assume that Roy and Brandi 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 value. Married Filing Jointly 70,000 Gross income and AGI Standard deduction 12,700 Taxable income 8,100 X Income tax 49,200 X c. How much income tax can Roy and Brandi save if they get married in 2020 and file a joint return? 1,941 X Furth
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