Prepare two returns and answer the question below. 1. Single person - earned income $250,000...
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Accounting
Prepare two returns and answer the question below.
1. Single person - earned income $250,000
2. Married couple - earned income $250,000
You represent two engaged couples who both earn $250,000 per year. Couple A - both partners earn $125,000 per year. Couple B - one partner earns $250,000 and the other partner earns $0. What is the tax impact if they marry before December 31st?
Use the Form 1040 and the 2018 tax rate schedule.
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