Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Roy and Brandi are engaged and plan to get married. Roy is a full-time student and earns $9,000 from a part-time job. With this income,

Roy and Brandi are engaged and plan to get married. 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 reports $61,000 in wages. The personal exemption amount for 2017 is $4,050.

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 answer to nearest whole dollar value. a. Compute the following:

Roy Filing Single Brandi Filing Single
Gross income and AGI $ $
Standard deduction
Personal exemption
Taxable income $ $
Income tax $ $

Feedback

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 2017 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
Gross income $
Standard deduction
Personal exemptions
Taxable income $
Income tax $

c. How much Federal income tax can Roy and Brandi save if they get married in 2017 and file a joint return? $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Global Financial Accounting And Reporting Principles And Analysis

Authors: Peter Walton, Walter Aerts

1st Edition

1844802655, 9781844802654

More Books

Students also viewed these Accounting questions

Question

4. VYhat are the criticisms of the payback period?

Answered: 1 week ago

Question

What is the Easterlin Paradox?

Answered: 1 week ago

Question

Does it use a maximum of two typefaces or fonts?

Answered: 1 week ago