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: 1 3 Assignment Introduction To Tax Ba Problem 3 39 Algorithmic Lo 5 6 9 Preston And Anna Are Engaged And Plan To 1 (54.05 KiB) Viewed 12 times

: 1 3 Assignment Introduction To Tax Ba Problem 3 39 Algorithmic Lo 5 6 9 Preston And Anna Are Engaged And Plan To 2 (22.54 KiB) Viewed 12 times

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: 1 3 Assignment Introduction To Tax Ba Problem 3 39 Algorithmic Lo 5 6 9 Preston And Anna Are Engaged And Plan To 4 (29.92 KiB) Viewed 12 times

1-3 Assignment: Introduction to Tax Ba Problem 3-39 (Algorithmic) (LO. 5, 6, 9) Preston and Anna are engaged and plan to get married. During 2020, 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 has wages of $59,400. 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: Gross income and AGI Standard deduction Pre Filing ?
a. Compute the following: Gross income and AGI Standard deduction Taxable income Income tax Preston Filing Single 6,700 12,400 0 Anna Filing Single 59,400 12,400 47,200 X S
The Ger Gross income and AGI Standard deduction Taxable income Income tax ISIC ... Married Filing Jointly 66,100 24,800 40,125 X c. How much income tax can Preston and Anna save if they get married in 2020 and file a joint return? G con an
10:20 Single-Schedule X If taxable income is: Over- 5 0 9,875 40,125 85,525 163,300 207,350 518,400 If taxable income is: Over- 5 0 19,750 80,250 cxp-cdn.cengage.info 171,050 326,600 414,700 622,050 But not over- $ 9,875 40,125 85,525 163,300 207,350 518,400 But not over- $ 19,750 80,250 171,050 326,600 Married filing jointly or Qualifying widow(er)- Schedule Y-1 414,700 622,050 w The tax is: -10% $ 987.50 +12% 4,617.50 +22% 14,605.50 +24% 33,271.50+32% 47,367.50 +35% 156,235.00 +37% The taxis: 10% $1,975.00 +12% 9,235.00 +22% 29,211.00 +24% 66,543.00 +32% 94,735.00+ 35% 167,307.50 +37% 2020 Tax Rate Schedule: Head of hous If taxable income is: Over- S ch of the amount over- $ 0 9,875 40,125 85,525 163,300 207,350 518,400 of the amount over- $ 0 19,750 80,250 171,050 326,600 414,700 622,050 B 0 14,100 53,700 85,500 163,300 207,350 $18,400 Married filing If taxable income is: Over- $ 0 9,875 40,125 85.525 163,300 207,350 311,025 r