Toby and Nancy are engaged and plan to get married. During 2019, Toby is a full-time student and earns $9,400 from a part-time job. With this income, student loans, savings, and nontaxable scholarships, he is self-supporting. For the year, Nancy is employed and has wages of $79,200. 1. If Toby and Nancy filing status is single, calculate each of their Gross income and AGI, standard deduction, taxable income, and income tax. 2. If Toby and Nancy got married and filed jointly, calculate their gross income, standard deduction, taxable income, and income tax. 3. How much income tax can Toby and Nancy save if they get married in 2019 and file a joint return?
Toby and Nancy are engaged and plan to get married. During 2019, Toby is a full-time student and earns $9,400 from a part-time job. With this income, student loans, savings, and nontaxable scholarships, he is self-supporting. For the year, Nancy is employed and has wages of $79,200. 1. If Toby and Nancy filing status is single, calculate each of their Gross income and AGI, standard deduction, taxable income, and income tax. 2. If Toby and Nancy got married and filed jointly, calculate their gross income, standard deduction, taxable income, and income tax. 3. How much income tax can Toby and Nancy save if they get married in 2019 and file a joint return?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Toby and Nancy are engaged and plan to get married. During 2019, Toby is a full-time student and earns $9,400 from a part-time job. With this income, student loans, savings, and nontaxable scholarships, he is self-supporting. For the year, Nancy is employed and has wages of $79,200.
1. If Toby and Nancy filing status is single, calculate each of their Gross income and AGI, standard deduction, taxable income, and income tax.
2. If Toby and Nancy got married and filed jointly, calculate their gross income, standard deduction, taxable income, and income tax.
3. How much income tax can Toby and Nancy save if they get married in 2019 and file a joint return?
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