Basic Standard Deduction Amounts

Filing Status	2020			2021
Single	$12,400			$12,550
Married, filing jointly	24,800			25,100
Surviving spouse	24,800			25,100
Head of household	18,650			18,800
Married, filing separately	12,400			12,550

Problem 9-24 (Algorithmic) ( LO, 4, 5) Toby and Nancy are engaged and plan to get married. During 2021, Toby is a full-time student and earns $7,600 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 $61,600 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. a. Compute the following: b. Assume that Toby and Nancy get married in 2021 and file a joint return. What is their taxable income and income tax? Round your final answer to nearest whole dollar. c. How much income tax can Toby and Nancy save if they get married in 2021 and file a joint return? 2021 Tax Rate Schedules