Question: Any help with the steps would be highly appreciated! Katie and Todd have adjusted gross incomes of $48,300 and $33,800, respectively. Assume that each person

Any help with the steps would be highly appreciated!

Any help with the steps would be highly appreciated! Katie and Todd

Katie and Todd have adjusted gross incomes of $48,300 and $33,800, respectively. Assume that each person takes one exemption and the standard deduction. Answer parts (a) through (c) below. Tax Rate Single Married Filing Jointly 10% up to $8,925 up to $17,850 15% up to $36,250 up to $72,500 25% up to $87,850 up to $146,400 28% up to $183,250 up to $223,050 Standard Deduction $6100 $12,200 Exemptions (per $3900 $3900 person) a. Calculate the tax owed by the couple if they delay their marriage until next year so they can each file a tax return at the single tax rate this year. The couple owes $ (Simplify your answer. Round to the nearest dollar as needed.) b. Calculate the tax owed by the couple if they marry before the end of the year and file a joint return. The couple owes $ (Simplify your answer. Round to the nearest dollar as needed.) c. Does the couple face a "marriage penalty" if they marry before the end of the year? O No O Yes Click to select your answer(s)

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