Problem 3 42 (Algorithmic) (LO 5, 6, 9) Toby and Nancy are engaged and plan to get married During 2021, 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 self supporting For the year, Nancy is employed and has wages of $81,400 If an amount is zero, enter, 0 Do not round your intermediate computations Round your final answer to nearest whole dollar (please show working) a Compute the following Toby Filing Single Nancy Filing Single Gross income and AGI Standard deduction (single) Taxable income Income tax 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 Married Filing Jointly Gross income and AGI Standard deduction (married, filing jointly) Taxable income Income tax c How much income tax can Toby and Nancy save if they get married in 2021 and file a joint return $

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

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

Toby and Nancy are engaged and plan to get married. During 2021, 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 self-supporting. For the year, Nancy is employed and has wages of $81,400.

If an amount is zero, enter, "0". Do not round your intermediate computations. Round your final answer to nearest whole dollar. (please show working) a. Compute the following:

	Toby Filing Single	Nancy Filing Single
Gross income and AGI	?	?
Standard deduction (single)	?	?
Taxable income	?	?
Income tax	?	?

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.

	Married Filing Jointly
Gross income and AGI	?
Standard deduction (married, filing jointly)	?
Taxable income	?
Income tax	?

c. How much income tax can Toby and Nancy save if they get married in 2021 and file a joint return? $ ?

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