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 employed and 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 AGI Standard deduction (single) Taxable income Income tax Toby Filing Single $9400 $12,950 0 0 Gross income and AGI Standard deduction (married, filing jointly) Taxable income Income tax Nancy Filing Single $57,200 $12.950 $44,250 b. 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. ? ? Married Filing Jointly $66,600 25,900 $40,700 c. How much income tax can Toby and Nancy save if they get married in 2022 and file a joint return? S 2... 1
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 employed and 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 AGI Standard deduction (single) Taxable income Income tax Toby Filing Single $9400 $12,950 0 0 Gross income and AGI Standard deduction (married, filing jointly) Taxable income Income tax Nancy Filing Single $57,200 $12.950 $44,250 b. 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. ? ? Married Filing Jointly $66,600 25,900 $40,700 c. How much income tax can Toby and Nancy save if they get married in 2022 and file a joint return? S 2... 1
Chapter13: Tax Credits And Payment Procedures
Section: Chapter Questions
Problem 30P
Related questions
Question
Transcribed Image Text: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 employed
and 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 AGI
Standard deduction (single)
Taxable income
Income tax
Toby
Filing Single
$9400
$12,950
0
0
Gross income and AGI
Standard deduction (married, filing jointly)
Taxable income
Income tax
Nancy
Filing Single
$57,200
$12,950
$44,250
b. 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.
?
?
Married
Filing Jointly
$66,600
25,900
$40,700
c. How much income tax can Toby and Nancy save if they get married in 2022 and file a joint return? S
2
1
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ISBN:
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Author:
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Publisher:
CENGAGE LEARNING - CONSIGNMENT