Chris and Heather are engaged and plan to get married. During 2023, Chris 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, Heather is employed and has wages of $66,000. 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 the nearest whole dollar. a. Compute the following: Gross income and AGI Standard deduction (single) Taxable income Income tax Gross income and AGI Chris Filing Single Standard deduction (married, filing jointly) Taxable income Income tax 8,500 -12,950 b. Assume that Chris and Heather get married in 2023 and file a joint return. What is their taxable income and income tax? Round your final answer to the nearest whole dollar. Heather Filing Single Married Filing Jointly 74,500 25,900 48,600 66,000 -12,950 53,050 5,392 6,979 c. How much income tax can Chris and Heather save if they get married in 2023 and file a joint return? 1,587
Chris and Heather are engaged and plan to get married. During 2023, Chris 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, Heather is employed and has wages of $66,000. 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 the nearest whole dollar. a. Compute the following: Gross income and AGI Standard deduction (single) Taxable income Income tax Gross income and AGI Chris Filing Single Standard deduction (married, filing jointly) Taxable income Income tax 8,500 -12,950 b. Assume that Chris and Heather get married in 2023 and file a joint return. What is their taxable income and income tax? Round your final answer to the nearest whole dollar. Heather Filing Single Married Filing Jointly 74,500 25,900 48,600 66,000 -12,950 53,050 5,392 6,979 c. How much income tax can Chris and Heather save if they get married in 2023 and file a joint return? 1,587
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
9
Transcribed Image Text:Chris and Heather are engaged and plan to get married. During 2023, Chris 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, Heather is employed and has
wages of $66,000.
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 the nearest whole dollar.
a. Compute the following:
Gross income and AGI
Standard deduction (single)
Taxable income
Income tax
Gross income and AGI
Standard deduction (married, filing jointly)
Taxable income
Income tax
Chris
Filing Single
$
8,500
-12,950
0
0
Heather
Filing Single
$
b. Assume that Chris and Heather get married in 2023 and file a joint return. What is their taxable income and income tax? Round your
final answer to the nearest whole dollar.
Married
Filing Jointly
74,500
25,900
48,600
66,000
5,392
-12,950
53,050
6,979
c. How much income tax can Chris and Heather save if they get married in 2023 and file a joint return?
1,587
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