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Bobby and Maura plan to marry in December 2019. Bobby's salary is $140,000 and he owns his residence. His itemized deductions total $21,200. Maura's salary is $85,000. Her itemized deductions total only 57,600 as she does not own her residence. For purposes of this problem, assume 2020 tax rates and standard deductions are the same as 2019. - X Reference Reference x $ 24,400 $ 18,350 Married, Filing Joint and Surviving Spouse If taxable income is: The tax is: Not over $19,400 10% of taxable income. Over $19,400 but not over $78,950 $1,940.00 + 12% of the excess over $19,400. Over $78,950 but not over $168,400 .... $9,086.00 + 22% of the excess over $78,950. Over $168,400 but not over $321,450 ... $28,765.00 +24% of the excess over $168,400. Over $321,450 but not over $408.200 .. $65,497.00 + 32% of the excess over $321,450. Over $408,200 but not over $612,350 ... $93,257.00 + 35% of the excess over $408,200. Over $612,350 $164,709.50 + 37% of the excess over $612,350 $ STANDARD DEDUCTION Filing Status Married individuals filing joint returns and surviving spouses Heads of households Unmarried individuals (other than surviving spouses and heads of households) Married individuals filing separate returns Additional standard deduction for the aged and the blind; Individual who is married and surviving spouses Additional standard deduction for the aged and the blind; Individual who is unmarried and not a surviving spouse Taxpayer claimed as dependent on another taxpayer's return: Greater of (1) earned income plus $350 or (2) $1,100. * These amounts are $2,600 and $3,300, respectively, for a taxpayer who is both aged and blind. 12,200 $ 12,200 $1,300* $1,650* Reference - X Requirements - x If taxable income is: a. What will their 2019 tax be if they marry before year-end and file a joint return? b. What will their combined 2019 taxes be if they delay the marriage until 2020? c. What factors contribute to the difference in taxes? Not over $9,700 Over $9,700 but not over $39,475 Over $39,475 but not over $84,200 Over $84,200 but not over $160,725 Single The tax is: 10% of taxable income. . $970.00 + 12% of the excess over $9,700. $4,543.00 + 22% of the excess over $39,475. . $14,382.50 +24% of the excess over $84,200. .... $32,748,50 + 32% of the excess over $160,725. $46,628.50 + 35% of the excess over $204,100. $153,798,50 + 37% of the excess over $510,300 Print Done Over $160,725 but not over $204,100 Over $204,100 but not over $510,300 Over $510,300 Requirement a. What will their 2019 tax be if they marry before year-end and file a joint return? Adjusted gross income $ Minus: Itemized deductions $ Taxable income (Use the 2019 tax rate schedule for all tax calculations. Do not round intermediary calculations. Only round the amount you enter in the input field to the nearest dollar.) Bobby and Maria's gross tax if they file a joint return is $ Requirement b. What will their combined 2019 taxes be if they delay the marriage until 2020? Compute the taxable income for Bobby. Adjusted gross income $ Minus: Itemized deductions $ Taxable income Use the 2019 tax rate schedule for all tax calculations. Do not round intermediary calculations. Only round the amount you enter in the input field to the nearest dollar.) Bobby's gross tax if he files as a single taxpayer is Compute the taxable income for Maria. Adjusted gross income Minus: Standard deduction Requirement b. What will their combined 2019 taxes be if they delay the marriage until 2020? Compute the taxable income for Bobby. Adjusted gross income Minus: Itemized deductions Taxable income Use the 2019 tax rate schedule for all tax calculations. Do not round intermediary calculations. Only round the amount you enter in the input field to the nearest dollar.) $ Bobby's gross tax if he files as a single taxpayer is Compute the taxable income for Maria. Adjusted gross income $ Minus: Standard deduction Taxable income (Use the 2019 tax rate schedule for all tax calculations. Do not round intermediary calculations. Only round the amount you enter in the input field to the nearest dollar.) Maria's gross tax if she files as a single taxpayer is Their combined taxes for the year if they delay the marriage until 2020 will be $ Requirement c. What factors contribute to the difference in taxes? Their tax will be higher if they marry before year end. If they delay the marriage until the following year, Bobby is able to utilize itemized deductions on his tax return, and Maria is able to utilize the standard deduction on her tax return. Therefore, total deductions are greater if they are unmarried at year end Bobby and Maura plan to marry in December 2019. Bobby's salary is $140,000 and he owns his residence. His itemized deductions total $21,200. Maura's salary is $85,000. Her itemized deductions total only 57,600 as she does not own her residence. For purposes of this problem, assume 2020 tax rates and standard deductions are the same as 2019. - X Reference Reference x $ 24,400 $ 18,350 Married, Filing Joint and Surviving Spouse If taxable income is: The tax is: Not over $19,400 10% of taxable income. Over $19,400 but not over $78,950 $1,940.00 + 12% of the excess over $19,400. Over $78,950 but not over $168,400 .... $9,086.00 + 22% of the excess over $78,950. Over $168,400 but not over $321,450 ... $28,765.00 +24% of the excess over $168,400. Over $321,450 but not over $408.200 .. $65,497.00 + 32% of the excess over $321,450. Over $408,200 but not over $612,350 ... $93,257.00 + 35% of the excess over $408,200. Over $612,350 $164,709.50 + 37% of the excess over $612,350 $ STANDARD DEDUCTION Filing Status Married individuals filing joint returns and surviving spouses Heads of households Unmarried individuals (other than surviving spouses and heads of households) Married individuals filing separate returns Additional standard deduction for the aged and the blind; Individual who is married and surviving spouses Additional standard deduction for the aged and the blind; Individual who is unmarried and not a surviving spouse Taxpayer claimed as dependent on another taxpayer's return: Greater of (1) earned income plus $350 or (2) $1,100. * These amounts are $2,600 and $3,300, respectively, for a taxpayer who is both aged and blind. 12,200 $ 12,200 $1,300* $1,650* Reference - X Requirements - x If taxable income is: a. What will their 2019 tax be if they marry before year-end and file a joint return? b. What will their combined 2019 taxes be if they delay the marriage until 2020? c. What factors contribute to the difference in taxes? Not over $9,700 Over $9,700 but not over $39,475 Over $39,475 but not over $84,200 Over $84,200 but not over $160,725 Single The tax is: 10% of taxable income. . $970.00 + 12% of the excess over $9,700. $4,543.00 + 22% of the excess over $39,475. . $14,382.50 +24% of the excess over $84,200. .... $32,748,50 + 32% of the excess over $160,725. $46,628.50 + 35% of the excess over $204,100. $153,798,50 + 37% of the excess over $510,300 Print Done Over $160,725 but not over $204,100 Over $204,100 but not over $510,300 Over $510,300 Requirement a. What will their 2019 tax be if they marry before year-end and file a joint return? Adjusted gross income $ Minus: Itemized deductions $ Taxable income (Use the 2019 tax rate schedule for all tax calculations. Do not round intermediary calculations. Only round the amount you enter in the input field to the nearest dollar.) Bobby and Maria's gross tax if they file a joint return is $ Requirement b. What will their combined 2019 taxes be if they delay the marriage until 2020? Compute the taxable income for Bobby. Adjusted gross income $ Minus: Itemized deductions $ Taxable income Use the 2019 tax rate schedule for all tax calculations. Do not round intermediary calculations. Only round the amount you enter in the input field to the nearest dollar.) Bobby's gross tax if he files as a single taxpayer is Compute the taxable income for Maria. Adjusted gross income Minus: Standard deduction Requirement b. What will their combined 2019 taxes be if they delay the marriage until 2020? Compute the taxable income for Bobby. Adjusted gross income Minus: Itemized deductions Taxable income Use the 2019 tax rate schedule for all tax calculations. Do not round intermediary calculations. Only round the amount you enter in the input field to the nearest dollar.) $ Bobby's gross tax if he files as a single taxpayer is Compute the taxable income for Maria. Adjusted gross income $ Minus: Standard deduction Taxable income (Use the 2019 tax rate schedule for all tax calculations. Do not round intermediary calculations. Only round the amount you enter in the input field to the nearest dollar.) Maria's gross tax if she files as a single taxpayer is Their combined taxes for the year if they delay the marriage until 2020 will be $ Requirement c. What factors contribute to the difference in taxes? Their tax will be higher if they marry before year end. If they delay the marriage until the following year, Bobby is able to utilize itemized deductions on his tax return, and Maria is able to utilize the standard deduction on her tax return. Therefore, total deductions are greater if they are unmarried at year end