Toby and Nancy are engaged and plan to get married. In 2022, 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 employedand has wages of $57,200.Click here to access the standard deduction table to use. Click here to access the Tax Rate Schedules. If an amount is zero, enter, "O". Do not round your intermediate computations. Round your final answer to the nearest whole dollar.a. Compute the following:Gross income and AGIStandard deduction (single)Taxable incomeIncome taxTobyFiling Single$9400$12,95000Gross income and AGIStandard deduction (married, filing jointly)Taxable incomeIncome taxNancyFiling Single$57,200$12,950$44,250b. Assume that Toby and Nancy get married in 2022 and file a joint return. What is their taxable income and income tax? Round your final answer to nearest whole dollar.??MarriedFiling Jointly$66,60025,900$40,700c. How much income tax can Toby and Nancy save if they get married in 2022 and file a joint return? S21

Filing status seems to be a classification that specifies the sort of tax return form that needs to…

Answered: Toby and Nancy are engaged and plan to…

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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Ee.8.
In 2023, Miranda records net earnings from self-employment of $198,200. She has no other income. Determine the amount of Miranda's self-employment tax and her AGI income tax deduction. In your computations, for the tax liability, round interim amounts to two decimal places and the final answer to the nearest whole dollar. For the AGI deduction, if necessary, use amounts that have been rounded to the nearest dollar. Miranda's self-employment tax is $ and she has a $ deduction for AGI.
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