Question: Toby and Nancy are engaged and plan to get married. During 2020 , Toby is a full-time student and earns $5,800 from a part-time job.

Toby and Nancy are engaged and plan to get married. During 2020 , Toby is a full-time student and earns $5,800 from a

Toby and Nancy are engaged and plan to get married. During 2020 , 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. Click here to access the standard deduction table to use. Click here to access the Tax Rate Schedules. If an amount is zero, enter, "0". Do not round your intermediate computations. Round your final answer to nearest whole dollar. a. Compute the following: b. Assume that Toby and Nancy get married in 2020 and file a joint return. What is their taxable income and income tax? Round your final answer to nearest whole dollar. 2020 Tax Rate Schedules

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