Question

# Preston and Anna are engaged and plan to get married. Preston is a full-time student and...

Preston and Anna are engaged and plan to get married. Preston 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, Anna is employed and reports \$68,600 in wages.

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:

 Preston Filing Single Anna Filing Single Gross income and AGI \$ \$ Standard deduction Taxable income \$ \$ Income tax \$ \$

b. Assume that Preston and Anna get married in 2018 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 \$ Standard deduction Taxable income \$ Income tax \$

c. How much Federal income tax can Preston and Anna save if they get married in 2018 and file a joint return?
\$

 a. Individual Returns Computation of Tax Laibility Preston Anna Filing Single Filing Single Gross income and AGI 8500 68600 Standard deduction 12000 12000 Taxable income 0 56600 Income tax 0 8391.5 (4453.5+(56600-38700)*22%) b. Married & file a Joint return. Gross income 77100 Standard deduction 24000 Taxable income 53100 Income tax 7621.5 c. Income tax David and Ruby can save if they get married in 2018 and file a joint return 770 (8391.5-7621.5)

#### Earn Coins

Coins can be redeemed for fabulous gifts.