Toby and Nancy are engaged and plan to get married. During Toby is a fulltime student and earns $ from a parttime job. With this income, student loans, savings, and nontaxable scholarships, he is selfsupporting. For the year, Nancy is employed and has wages of $
Click here to access the standard deduction table to use. Click here to access the Tax Rate Schedules. If an amount is zero, enter, Do not round your intermediate computations. Round your final answer to the nearest whole dollar.
a Compute the following:
Toby
Filing Single Nancy
Filing Single
Gross income and AGI $fill in the blank fafefffcfd
$fill in the blank fafefffcfd
Standard deduction single fill in the blank fafefffcfd
fill in the blank fafefffcfd
Taxable income $fill in the blank fafefffcfd
$fill in the blank fafefffcfd
Income tax $fill in the blank fafefffcfd
$fill in the blank fafefffcfd
Question Content Area
b Assume that Toby and Nancy get married in and file a joint return. What is their taxable income and income tax? Round your final answer to the nearest whole dollar.
Married
Filing Jointly
Gross income and AGI $fill in the blank dceefd
Standard deduction married filing jointly fill in the blank dceefd
Taxable income $fill in the blank dceefd
Income tax $fill in the blank dceefd
c How much income tax can Toby and Nancy save if they get married in and file a joint return?
$fill in the blank dceefd