Problem 9-25 (Algorithmic) (LO. 4, 5) Chris and Heather are engaged and plan to get married. During 2020, Chris 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, Heather is employed and has wages of $79,200. 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: Chris Filing Single Heather Filing Single Gross income and AGI 7,600 X 83,600 x Standard deduction -12,200 x -12,200 x Taxable income o 71,400 x Income tax 0 11,566 x Feedback Check My Work If married individuals elect to file separate returns, each reports only his or her own income, exemptions, deduct must use the Tax Rate Schedule applicable to married taxpayers filing separately. It is generally advantageous fc file a joint return, because the combined amount of tax is lower. each reports only his or her own Income, exemptions, deduct must use the Tax Rate Schedule applicable to married taxpayers filing separately. It is generally advantageous fo file a joint return, because the combined amount of tax is lower. 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 91,200 X Standard deduction > -24,400 X Taxable income 66,800 x Income tax 7,628 X c. How much income tax can Chris and Heather save if they get married in 2020 and file a joint return? 3,938 X Foedback Check My Work Incorrect Foedback Check My Work 1 more Check My Work uses remaining. Previous Next Problem 9-25 (Algorithmic) (LO. 4, 5) Chris and Heather are engaged and plan to get married. During 2020, Chris 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, Heather is employed and has wages of $79,200. 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: Chris Filing Single Heather Filing Single Gross income and AGI 7,600 X 83,600 x Standard deduction -12,200 x -12,200 x Taxable income o 71,400 x Income tax 0 11,566 x Feedback Check My Work If married individuals elect to file separate returns, each reports only his or her own income, exemptions, deduct must use the Tax Rate Schedule applicable to married taxpayers filing separately. It is generally advantageous fc file a joint return, because the combined amount of tax is lower. each reports only his or her own Income, exemptions, deduct must use the Tax Rate Schedule applicable to married taxpayers filing separately. It is generally advantageous fo file a joint return, because the combined amount of tax is lower. 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 91,200 X Standard deduction > -24,400 X Taxable income 66,800 x Income tax 7,628 X c. How much income tax can Chris and Heather save if they get married in 2020 and file a joint return? 3,938 X Foedback Check My Work Incorrect Foedback Check My Work 1 more Check My Work uses remaining. Previous Next
