Question: Problem 3-39 (Algorithmic) (LO. 5, 6, 9) Preston and Anna are engaged and plan to get married. Preston is a full-time student and earns $6,700

 Problem 3-39 (Algorithmic) (LO. 5, 6, 9) Preston and Anna areengaged and plan to get married. Preston is a full-time student and

Problem 3-39 (Algorithmic) (LO. 5, 6, 9) Preston and Anna are engaged and plan to get married. Preston is a full-time student and earns $6,700 from a part-time job. With this income, student loans, savings, and nontaxable scholarships, he is self-supporting. For the year, Anna is employed and reports $88,000 in wages. Click here to access the standard deduction table to use. Click here to access the Tax Rate Schedules. If an amount is zero, enter, "O". Do not round your intermediate computations. Round your final answer to nearest whole dollar. a. Compute the following: Anna Preston Filing Single Filing Single Gross income and AGI S 6,700 S 88,000 Standard deduction 12,200 12,200 Taxable income $ 0 75,800 Income tax 0 $ b. Assume that Preston and Anna get married in 2019 and file a joint return. What is their taxable income and income tax? Round your final answer to nearest whole dollar. Married Filing Jointly Gross income Standard deduction Taxable income Income tax $ c. How much Federal income tax can Preston and Anna save if they get married in 2019 and file a joint return

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!