Question: Problem 9 - 2 4 ( Algorithmic ) ( LO . 4 , 5 ) Question Content Area David and Ruby are engaged and plan
Problem AlgorithmicLO
Question Content Area
David and Ruby are engaged and plan to get married. During David 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, Ruby 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 nearest whole dollar.
a Compute the following:
David
Filing Single Ruby
Filing Single
Gross income and AGI $fill in the blank fddffbf
$fill in the blank fddffbf
Standard deduction single fill in the blank fddffbf
fill in the blank fddffbf
Taxable income $fill in the blank fddffbf
$fill in the blank fddffbf
Income tax $fill in the blank fddffbf
$fill in the blank fddffbf
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If married individuals elect to file separate returns, each reports only their own income, exemptions, deductions, and credits, and each must use the Tax Rate Schedule applicable to married taxpayers filing separately. It is generally advantageous for married individuals to file a joint return, because the combined amount of tax is lower.
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b Assume that David and Ruby get married in 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 deaefc
Standard deduction married filing jointly fill in the blank deaefc
Taxable income $fill in the blank deaefc
Income tax $fill in the blank deaefc
c How much income tax can David and Ruby save if they get married in and file a joint return?
$fill in the blank deaefc
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