(Based on Spilker chapters 4,6,8) John and Susan are a couple but not yet married. They...

  

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(Based on Spilker chapters 4,6,8) John and Susan are a couple but not yet married. They are contemplating the tax effects of getting married. John earns $210,000 and Susan earns $15,000. Ignore itemized deductions and possible children. For standard deduction and tax rates, please refer to instructions to Form 1040 (https://www.irs.gov/pub/irs-pdf/i1040gi.pdf) Complete the following table (you must fill each empty box). Year 2022 Susan + Earns Standard deduction Taxable Income Tax Show calculations below $ John 210,000 $ A John Single 15,000 B Susan Single A+B John and Susan are NOT MARRIED. What is their combined tax? Combined $225,000 C John/Susan Married Filing Jointly (MFJ) John $ 210,000 D John - Married Filing Separately (MFS) Susan $ 15,000 E Susan Married Filing Separately (MFS) D+E Combined John/Susan MFS 0 Explanation of table above: I want you to compare the tax under three different scenarios (A+B) John and Susan are not married, (C) John and Susan are married filing jointly, and (D+E) John and Susan are married but filing separately. In part III you will tell me what you have learned. II. Show tax calculations (for columns A, B, C, D, E) IIa. Copy and paste tables used - Remember to use 2022 tables. IIb. Show tax calculations - You can use any format, including Excel files, as long as they are easy to read and I can follow your logic. III. Comment on what you have learned (1.5 points; maximum of 0.75 for mediocre work-to get full points it must be interesting and high-quality enough to be publishable in a newspaper). (Based on Spilker chapters 4,6,8) John and Susan are a couple but not yet married. They are contemplating the tax effects of getting married. John earns $210,000 and Susan earns $15,000. Ignore itemized deductions and possible children. For standard deduction and tax rates, please refer to instructions to Form 1040 (https://www.irs.gov/pub/irs-pdf/i1040gi.pdf) Complete the following table (you must fill each empty box). Year 2022 Susan + Earns Standard deduction Taxable Income Tax Show calculations below $ John 210,000 $ A John Single 15,000 B Susan Single A+B John and Susan are NOT MARRIED. What is their combined tax? Combined $225,000 C John/Susan Married Filing Jointly (MFJ) John $ 210,000 D John - Married Filing Separately (MFS) Susan $ 15,000 E Susan Married Filing Separately (MFS) D+E Combined John/Susan MFS 0 Explanation of table above: I want you to compare the tax under three different scenarios (A+B) John and Susan are not married, (C) John and Susan are married filing jointly, and (D+E) John and Susan are married but filing separately. In part III you will tell me what you have learned. II. Show tax calculations (for columns A, B, C, D, E) IIa. Copy and paste tables used - Remember to use 2022 tables. IIb. Show tax calculations - You can use any format, including Excel files, as long as they are easy to read and I can follow your logic. III. Comment on what you have learned (1.5 points; maximum of 0.75 for mediocre work-to get full points it must be interesting and high-quality enough to be publishable in a newspaper).

Answer rating: 100% (QA)

Answer II Susan Combined John Susan John Earns 210000 15000 225000 210000 15000 A B AB C D E DE John ... View the full answer