Question: please answer a,b and c. Problem 3-42 (Algorithmic) (LO. 5, 6, 9) Toby and Nancy are engaged and plan to get married. During 2022, Toby

please answer a,b and c.  please answer a,b and c. Problem 3-42 (Algorithmic) (LO. 5, 6,
9) Toby and Nancy are engaged and plan to get married. During
2022, Toby is a full-time student and earns $5,800 from a part-time
job. With this income, student loans, savings, and nontaxable scholarships, he is
seif-supporting. For the year, Nancy is employed and has wages of $72,600.

Problem 3-42 (Algorithmic) (LO. 5, 6, 9) Toby and Nancy are engaged and plan to get married. During 2022, Toby is a full-time student and earns $5,800 from a part-time job. With this income, student loans, savings, and nontaxable scholarships, he is seif-supporting. For the year, Nancy is employed and has wages of $72,600. 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 2022 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 2022 and file a joint return? standard deduction. "Exhibit 3.4 lists the basic standard deduction allowed for taxpayers in each filing status. Certain taxpayers, however, are not allowed to claim any standard deduction, and the standard deduction is limited for others. Racir Standard Dadurtinn Amnunte A taxpayer who is age 65 or over or blind in 2022 qualifies for an additional standard deduction of $1,400 or $1,750, depending on filing status (see amounts in Exhibit 3.5). Two additional standard deductions are allowed for a taxpayer who is age 65 or over and blind. The additional standard deduction provisions also apply for a qualifying spouse who is age 65 or over or blind, but not for a dependent. A taxpayer who is age 65 or over or blind in 2022 qualifies for an additional standard deduction of \$1,400 or $1,750, depending on filing status (see amounts in Exhibit 3.5). Two additional standard deductions are allowed for a taxpayer who is age 65 or over and blind. The additional standard deduction provisions also apply for a qualifying spouse who is age 65 or over or blind, but not for a dependent. To determine whether to itemize, the taxpayer compares the total standard deduction (the sum of the basic standard deduction and any additional standard deductions) with total itemized deductions. Taxpayers are allowed to deduct the greater of itemized deductions or the standard deduction, The choice is elective each year. For example, a taxpayer who buys a home may change from using the standard deduction to 2022 Tax Rate Schedules

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