Barry and Madison plan to marry in December 2019. Barry's salary is $60,000 and he owns his residence. His itemized deductions total $18,200. Madison's salary is $81,000. Her itemized deductions total only $8,400 as she does not own her residence. For purposes of this problem, assume 2020 tax rates and standard deductions are the same as 2019. Read the requirements. Requirement a. What will their 2019 tax be if they marry before year-end and file a joint return? Adjusted gross income $141,000 Minus: Itemized deductions (26,600) Taxable income $114,400 (Use the 2019tax rate schedule for all tax calculations. Do not round intermediary calculations. Only round the amount you enter in the input field to the nearest dollar.) Barry and Madison's gross tax if they file a joint return is
Barry and Madison plan to marry in December 2019. Barry's salary is $60,000 and he owns his residence. His itemized deductions total $18,200. Madison's salary is $81,000. Her itemized deductions total only $8,400 as she does not own her residence. For purposes of this problem, assume 2020 tax rates and standard deductions are the same as 2019. Read the requirements. Requirement a. What will their 2019 tax be if they marry before year-end and file a joint return? Adjusted gross income $141,000 Minus: Itemized deductions (26,600) Taxable income $114,400 (Use the 2019tax rate schedule for all tax calculations. Do not round intermediary calculations. Only round the amount you enter in the input field to the nearest dollar.) Barry and Madison's gross tax if they file a joint return is
Chapter10: Deduct Ions And Losses: Certain Itemized Deduct Ions
Section: Chapter Questions
Problem 38P
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Barry and Madison plan to marry in December 2019. Barry's salary is $60,000 and he owns his residence. His itemized deductions total $18,200.
Madison's salary is $81,000. Her itemized deductions total only $8,400 as she does not own her residence. For purposes of this problem, assume
2020 tax rates and standard deductions are the same as 2019.
Read the requirements.
Requirement a. What will their 2019 tax be if they marry before year-end and file a joint return?
|
Adjusted gross income
|
$141,000
|
|
Minus: Itemized deductions
|
(26,600)
|
|
Taxable income
|
$114,400
|
|---|
(Use the 2019tax rate schedule for all tax calculations. Do not round intermediary calculations. Only round the amount you enter in the input field to the nearest dollar.)
|
Barry and Madison's gross tax if they file a joint return is
|
|
.
|
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