Mr. Masons salary was $397,000, and Mrs. Masons salary was $344,000. They had no other...
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Accounting
Mr. Masons salary was $397,000, and Mrs. Masons salary was $344,000. They had no other income items, no above-the-line or itemized deductions, and no dependents. Assume the taxable year is 2019. Use Individual Tax Rate Schedules and Standard Deduction Table. Compute their tax on a joint return. Compute their combined tax if they file separate returns (married filing separately). Compute their marriage penalty (excess of tax on a joint return over combined tax on two returns filed as single taxpayers).
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