Question: Problem 3 - 3 8 ( Algorithmic ) ( LO . 5 , 6 , 8 ) Question Content Area Preston and Anna are engaged
Problem AlgorithmicLO
Question Content Area
Preston and Anna are engaged and plan to get married. During Preston is a fulltime student and earns $ from a parttime job. With this income, student loans, savings, and nontaxable scholarships, he is selfsupporting. For the year, Anna is employed and has wages of $
Click here to access the standard deduction table to use. Click here to access the Tax Rate Schedules. If an amount is zero, enter Do not round your intermediate computations. Round your final answer to the nearest whole dollar.
aCompute the following:
Preston
Filing SingleAnna
Filing SingleGross income and AGI$fill in the blank bdfdfae$fill in the blank bdfdfaeStandard deduction singlefill in the blank bdfdfaefill in the blank bdfdfaeTaxable income$fill in the blank bdfdfae$fill in the blank bdfdfaeIncome tax$fill in the blank bdfdfae$fill in the blank bdfdfae
Question Content Area
bAssume that Preston and Anna get married in and file a joint return. What is their taxable income and income tax? Round your final answer to the nearest whole dollar.
Married
Filing JointlyGross income and AGI$fill in the blank effdcfdffStandard deduction married filing jointlyfill in the blank effdcfdffTaxable income$fill in the blank effdcfdffIncome tax$fill in the blank effdcfdff
cHow much income tax can Preston and Anna save if they get married in and file a joint return?
$fill in the blank effdcfdff
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