Homework Help is Here – Start Your Trial Now!
Business
Accounting
a. What will their 2021 tax be if they marry before year-end and file a joint return? b. What will their combined 2021 taxes be if they delay the marriage until 2022? c. What factors contribute to the difference in taxes?

a. What will their 2021 tax be if they marry before year-end and file a joint return? b. What will their combined 2021 taxes be if they delay the marriage until 2022? c. What factors contribute to the difference in taxes?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
Reference If taxable income is: Not over $9,950 Over $9,950 but not over $40,525 Over $40,525 but not over $86,375 Over $86,375 but not over $164,925 Over $164,925 but not over $209,425 Over $209,425 but not over $523,600 Over $523,600 Help me solve this Print Single The tax is: 10% of taxable income. $995.00 +12% of the excess over $9,950. $4,664.00 + 22% of the excess over $40,525. $14,751.00 +24% of the excess over $86,375. ... $33,603.00 + 32% of the excess over $164,925. . $47,843.00 + 35% of the excess over $209,425. $157,804.25 + 37% of the excess over $523,600. Done Calculator Ask my instructor X Reference Married, Filing Joint and Surviving Spouse The tax is: If taxable income is: Not over $19,900 Over $19,900 but not over $81,050 Over $81,050 but not over $172,750 Over $172,750 but not over $329,850 Over $329,850 but not over $418,850 Over $418,850 but not over $628,300 Over $628,300 STANDARD DEDUCTION Filing Status 10% of taxable income. $1,990.00 + 12% of the excess over $19,900. $9,328.00 +22% of the excess over $81,050. .. $29,502.00 + 24% of the excess over $172,750. .. $67,206.00 + 32% of the excess over $329,850. ... $95,686.00 + 35% of the excess over $418,850. $168,993.50 +37% of the excess over $628,300. Print Married individuals filing joint returns and surviving spouses Heads of households Unmarried individuals (other than surviving spouses and heads of households) Married individuals filing separate returns Done Additional standard deduction for the aged and the blind; Individual who is married and surviving spouses Additional standard deduction for the aged and the blind; Individual who is unmarried and not a surviving spouse Taxpayer claimed as dependent on another taxpayer's return: Greater of (1) earned income plus $350 or (2) $1,100. * These amounts are $2,700 and $3,400, respectively, for a taxpayer who is both aged and blind. $ $ $ $ 25,100 18,800 12,550 12,550 $1,350* $1,700*
Transcribed Image Text:Reference If taxable income is: Not over $9,950 Over $9,950 but not over $40,525 Over $40,525 but not over $86,375 Over $86,375 but not over $164,925 Over $164,925 but not over $209,425 Over $209,425 but not over $523,600 Over $523,600 Help me solve this Print Single The tax is: 10% of taxable income. $995.00 +12% of the excess over $9,950. $4,664.00 + 22% of the excess over $40,525. $14,751.00 +24% of the excess over $86,375. ... $33,603.00 + 32% of the excess over $164,925. . $47,843.00 + 35% of the excess over $209,425. $157,804.25 + 37% of the excess over $523,600. Done Calculator Ask my instructor X Reference Married, Filing Joint and Surviving Spouse The tax is: If taxable income is: Not over $19,900 Over $19,900 but not over $81,050 Over $81,050 but not over $172,750 Over $172,750 but not over $329,850 Over $329,850 but not over $418,850 Over $418,850 but not over $628,300 Over $628,300 STANDARD DEDUCTION Filing Status 10% of taxable income. $1,990.00 + 12% of the excess over $19,900. $9,328.00 +22% of the excess over $81,050. .. $29,502.00 + 24% of the excess over $172,750. .. $67,206.00 + 32% of the excess over $329,850. ... $95,686.00 + 35% of the excess over $418,850. $168,993.50 +37% of the excess over $628,300. Print Married individuals filing joint returns and surviving spouses Heads of households Unmarried individuals (other than surviving spouses and heads of households) Married individuals filing separate returns Done Additional standard deduction for the aged and the blind; Individual who is married and surviving spouses Additional standard deduction for the aged and the blind; Individual who is unmarried and not a surviving spouse Taxpayer claimed as dependent on another taxpayer's return: Greater of (1) earned income plus $350 or (2) $1,100. * These amounts are $2,700 and $3,400, respectively, for a taxpayer who is both aged and blind. $ $ $ $ 25,100 18,800 12,550 12,550 $1,350* $1,700*
Brodie and Martha plan to marry in December 2021. Brodie's salary is $60,000 and he owns his residence. His itemized deductions total $16,550 ($6,100 of which are charitable contributions). Martha's salary is $89,000. Her itemized deductions total only $10,800 (none of which are charitable contributions) as she does not own her residence. (Click the icon to view the standard deduction amounts.) (Click the icon to view the 2021 tax rate schedule for the Married filing jointly filing status.) (Click the icon to view the 2021 tax rate schedule for the Single filing status.) Read the requirements. Requirement a. What will their 2021 tax be if they marry before year-end and file a joint return? Taxable income Requirements a. What will their 2021 tax be if they marry before year-end and file a joint return? b. What will their combined 2021 taxes be if they delay the marriage until 2022? c. What factors contribute to the difference in taxes? · X
Transcribed Image Text:Brodie and Martha plan to marry in December 2021. Brodie's salary is $60,000 and he owns his residence. His itemized deductions total $16,550 ($6,100 of which are charitable contributions). Martha's salary is $89,000. Her itemized deductions total only $10,800 (none of which are charitable contributions) as she does not own her residence. (Click the icon to view the standard deduction amounts.) (Click the icon to view the 2021 tax rate schedule for the Married filing jointly filing status.) (Click the icon to view the 2021 tax rate schedule for the Single filing status.) Read the requirements. Requirement a. What will their 2021 tax be if they marry before year-end and file a joint return? Taxable income Requirements a. What will their 2021 tax be if they marry before year-end and file a joint return? b. What will their combined 2021 taxes be if they delay the marriage until 2022? c. What factors contribute to the difference in taxes? · X
Expert Solution
steps

Step by step

Solved in 5 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Determination of Tax Liability
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS