Barry and Michelle plan to marry in December 2021. Barry's salary is $60,000 and he owns his residence. His itemized deductions total $18,550 ($6,100 of which arecharitable contributions). Michelle's salary is $95,000. Her itemized deductions total only $11,000 (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 Homework: Chapter 2 HomeworkQuestion listO Question 1O Question 2O Question 3ReferenceKBarry and Michelle plan to marry incharitable contributions). Michelle's s(Click the icon to view the stand(Click the icon to view the 2021(Click the icon to view the 2021Read the requirements.If taxable income is:Not over $19,900Over $19,900 but not over $81,050Over $81,050 but not over $172,750Over $172,750 but not over $329,850Over $329,850 but not over $418,850Over $418,850 but not over $628,300Over $628,300Requirement a. What will their 2021ReferenceMarried individuals filing joint returns and surviving spousesHeads of householdsUnmarried individuals (other than surviving spouses and heads of households)Married individuals filing separate returnsAdditional standard deduction for the aged and the blind; Individual who is married and surviving spousesAdditional standard deduction for the aged and the blind; Individual who is unmarried and not a surviving spouseTaxpayer 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.*Married, Filing Joint and Surviving SpouseThe tax is: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.STANDARD DEDUCTIONFiling StatusReferenceIf taxable income is:Not over $9,950Over $9,950 but not over $40,525Over $40,525 but not over $86,375Over $86,375 but not over $164,925Over $164,925 but not over $209,425Over $209,425 but not over $523,600Over $523,600$$$$I25,10018,80012,55012,550$1,350*$1,700*SingleThe 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.

Please find the calculation of taxable income of Barry & Michelle in step 3 below.

Barry and Michelle plan to marry in December 2021. Barry's salary is $60,000 and he owns his residence. His itemized deductions total $18,550 ($6,100 of which are charitable contributions). Michelle's salary is $95,000. Her itemized deductions total only $11,000 (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 tox be if they morn C o joint return?

Barry and Michelle plan to marry in December 2021. Barry's salary is $60,000 and he owns his residence. His itemized deductions total $18,550 ($6,100 of which are charitable contributions). Michelle's salary is $95,000. Her itemized deductions total only $11,000 (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 tox be if they morn C o joint return?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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