Problem 14-08 (Static) [LO 14-5]Mr. Olaf earned an $89.000 salary, and Mrs. Olaf earned a $40,330 salary. The couple had no other income and can't itemizedeductions. Assume the taxable year is 2021. Use Individual Tax Rate Schedules and Standard Deduction TableRequired:a. Compute their combined tax if they choose to file separate returns.b. Compute their tax if they file a joint return.Complete this question by entering your answers in the tabs below.4Required A Required BCompute their combined tax if they choose to file separate returns. (Round your intermediate calculations and final answersto the nearest whole dollar amount.)Mr. Olaf's TaxMrs. Olaf's TaxCombined taxSsSAnswer is complete but not entirely correct.Amount12,880 X3.20010,089Required 8 > Mr. Olaf earned an $89,000 salary, and Mrs. Olaf earned a $40,330 salary. The couple had no other income and can'tdeductions. Assume the taxable year is 2021. Use Individual Tax Rate Schedules and Standard Deduction Table.Required:a. Compute their combined tax if they choose to file separate returns.b. Compute their tax if they file a joint return..Complete this question by entering your answers in the tabs below.Answer is complete but not entirely correct.Required A Required BCompute their tax if they file a joint return. (Round your intermediate calculations and final answer to the nearest wholedollar amount,)Income tax$ 15,052< Required A

Tax is the amount of expenses that is charged by the government to individuals and organizations on…

Answered: Problem 14-08 (Static) [LO 14-5] Mr.…

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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