Problem 3-42 (Algorithmic) (LO. 5, 6, 9) Toby and Nancy are engaged and plan to...
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Problem 3-42 (Algorithmic) (LO. 5, 6, 9) Toby and Nancy are engaged and plan to get married. During 2022, Toby is a full-time student and earns $7,600 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 585,800 . Click here to access the standard deduction table to use. Click here to access the Tax Rate Schedules. If an amount is zero, enter, "0", Do not round your intermediate computations. Round your final answer to nearest whole dollar. a. Compute the following: 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. c. How much income tax can Toby and Nancy save if they get married in 2022 and flle a joint return? ZUZ27axifatescheaures Click here to access the standard deduction table to use. Click here to access the Tax Rate Schedules, If an amount is zero, enter, "0". Do not round your intermediate computations. Round your final answer to nearest whole dollar. a. Compute the following: b. Assume that Toby and Nancy get married in 2022 and file a joint return. What is their taxable income and income tox? Round your final answer to nearest whole dollar. C. How much income tax can Toby and Nancy save if they get mamed in 2022 and file a joint retum





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