Question
Toby and Nancy are engaged and plan to get married. During 2017, Toby is a full-time student and earns $8,500 from a part-time job. With
Toby and Nancy are engaged and plan to get married. During 2017, Toby 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, Nancy is employed and reports $65,000 in wages. The personal exemption amount for 2017 is $4,050. Click here to access the standard deduction table to use. If an amount is zero, enter, "0". Do not round your intermediate computations. Round your final answer to nearest whole dollar.
a. Compute the following:
| Toby Filing Singl | Nancy Filing Single | |
| Gross income and AGI | $ | $ |
| Standard deduction | $ | $ |
| Personal Exemption | $ | $ |
| Taxable Income | $ | $ |
| Income Tax | $ | $ |
b. Assume that Toby and Nancy 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.
| Married Filing Jointly | |
| Gross Income | $ |
| Standard Deduction | $ |
| Personal Exemptions | $ |
| Taxable Income | $ |
| Income Tax | $ |
c. How much Federal income tax can Toby and Nancy 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
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started