Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. preston and anna are engaged and plan to get marri

Preston and Anna are engaged and plan to get married. During 2020, Preston is a...

70.2K

Verified Solution

Question

Accounting

imageimage

Preston and Anna are engaged and plan to get married. During 2020, Preston 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, Anna is employed and has wages of $70,400. 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 nearest whole dollar. a. Compute the following: Preston Anna Filing Single Filing Single Gross income and AGI $ x Standard deduction Taxable income 0 Income tax 0 b. Assume that Preston and Anna get married in 2020 and file a joint return. What is their taxable income and income tax? Round your final answer to nearest whole dollar. Married Filing Jointly Gross income and AGI Standard deduction Taxable income Income tax c. How much income tax can Preston and Anna save if they get married in 2020 and file a joint return? $

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Group theory Consider the group GL2(Zp) of invertible 2X2 matrices with entries in the field Zp, where p is...

Advance Math
Q

Draw a tape diagram to represent each problem. Use numbers to solve, and write your...

Basic Math
Q

Maggie is having the flooring replaced in her kitchen, living room, and master bedroom. The...

Basic Math
Q

2 u 45 V

Calculus
Q

A sine function has the following key features 1 4TT Frequency Amplitude 2 Midline y...

Algebra
Q

Becton Labs, Inc., produces various chemical compounds for industrial use. One compound, called...

Accounting
Q

The financial statements for Armstrong and Blair companies are summarized here:...

Accounting
Q

The Engine Guys produces specialized engines for "snow climber" buses. The company's normal monthly production...

Accounting
Q

68HealthCo. Company uses special journals to record transactions. Health Co. uses the perpetual inventory system....

Accounting
Q

for this answer why prepaid imsurance and factory supplies not included? PR 76...

Accounting
Q

The following information is from a manufacturing company. Process time Inspection time Move time Wait...

Accounting
Q

Which of the following creates a deferred tax asset? Multiple Choice 0 An unrealized gain...

Accounting