Problem 3-42 (Algorithmic) (LO. 5, 6, 9)David and Ruby are engaged and plan to get married. During 2020, David is a full-time student and earns $6,700 from a part-timejob. With this income, student loans, savings, and nontaxable scholarships, he is self-supporting. For the year, Ruby is employed andhas wages of $55,000.Click here to access the standard deduction table to use. Click here to access the Tax Rate Schedules. If an amount iszero, enter, "0". Do not round your intermediate computations. Round your final answer to nearest whole dollar.a. Compute the following:Gross income and AGIStandard deductionTaxable incomeIncome tax$DavidFiling Single6,70012,40000RubyFiling Single55,00012,40042,6007,668 X b. Assume that David and Ruby get married in 2020 and file a joint return. What is their taxable income and income tax? Roundyour final answer to nearest whole dollar.Gross income and AGIStandard deductionTaxable incomeIncome taxFeedback▼ Check My WorkMarriedFiling JointlyPartially correct61,700c. How much income tax can David and Ruby save if they get married in 2020 and file a joint return?24,80036,900

Preston filling singleAnna filling singleGross income and AGI6,70055,000Standard…

Answered: David and Ruby are engaged and plan to…

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter1: Federal Income Taxation—an Overview

Section: Chapter Questions

Problem 60P: Michiko and Saul are planning to attend the same university next year. The university estimates...

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