Problem 3 42 (Algorithmic) (LO 5, 6, 9) David and Ruby are engaged and plan to get married During 2021, David is a full time student and earns $8,500 from a part time job With this income, student loans, savings, and nontaxable scholarships, he is self supporting For the year, Ruby is employed and has wages of $79,200 a Compute the following David Filing Single Ruby Filing Single Gross income and AGI $fill in the blank 665a68fb400c022 1 $fill in the blank 665a68fb400c022 2 Standard deduction (single) fill in the blank 665a68fb400c022 3 fill in the blank 665a68fb400c022 4 Taxable income $fill in the blank 665a68fb400c022 5 $fill in the blank 665a68fb400c022 6 Income tax $fill in the blank 665a68fb400c022 7 $fill in the blank 665a68fb400c022 8 b Assume that David and Ruby 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 Married Filing Jointly Gross income and AGI $fill in the blank f69ed0fcb067016 1 Standard deduction (married, filing jointly) fill in the blank f69ed0fcb067016 2 Taxable income $fill in the blank f69ed0fcb067016 3 Income tax $fill in the blank f69ed0fcb067016 4 c How much income tax can David and Ruby save if they get married in 2021 and file a joint return $fill in the blank f69ed0fcb067016 5

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Question: Problem 3-42 (Algorithmic) (LO. 5, 6, 9) David and Ruby are engaged and plan to get married. During 2021, David is a full-time student and

Problem 3-42 (Algorithmic) (LO. 5, 6, 9)

David and Ruby are engaged and plan to get married. During 2021, David is a full-time student and earns $8,500 from a part-time job. With this income, student loans, savings, and nontaxable scholarships, he is self-supporting. For the year, Ruby is employed and has wages of $79,200.

a. Compute the following:

	David Filing Single	Ruby Filing Single
Gross income and AGI	$fill in the blank 665a68fb400c022_1	$fill in the blank 665a68fb400c022_2
Standard deduction (single)	fill in the blank 665a68fb400c022_3	fill in the blank 665a68fb400c022_4
Taxable income	$fill in the blank 665a68fb400c022_5	$fill in the blank 665a68fb400c022_6
Income tax	$fill in the blank 665a68fb400c022_7	$fill in the blank 665a68fb400c022_8

b. Assume that David and Ruby 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.

	Married Filing Jointly
Gross income and AGI	$fill in the blank f69ed0fcb067016_1
Standard deduction (married, filing jointly)	fill in the blank f69ed0fcb067016_2
Taxable income	$fill in the blank f69ed0fcb067016_3
Income tax	$fill in the blank f69ed0fcb067016_4

c. How much income tax can David and Ruby save if they get married in 2021 and file a joint return? $fill in the blank f69ed0fcb067016_5

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