Calculate total tax, Use the PERSTAX program to calculate

Calculate total tax

Reference no: EM131007532

Rachel and Harry are planning to get married. Both have successful careers and expect to earn the following this year.

Rachel Harry

Salary	$155,380	$146,200
Interest income (taxable)	6,750	45,325
Long-term capital gain/(loss)	5,798	-
Total income	$ 167,928	$191,525
Itemized deductions	$ 28,763	$ 15,271

a. Use the PERSTAX program to calculate their total tax bill as single individuals and determine how much it will cost them in taxes to get married. Assume that getting married during a year subjects the entire year's income to the married filing jointly rate schedule. Assume there are no state taxes.

b. Duncan and Angela are also considering getting married but have considerably lower incomes as follows.

	Duncan	Angela
Salary	$56,450	$37,829
Itemized deductions	6,048	3,224

What will it cost them to get married?

Reference no: EM131007532

Questions Cloud

How the school crisis affected families : Reflect on the cultural and ecological impact of the school crisis. Focus on how the school crisis affected families and surrounding communities

Calculate the first second and third stress invariants : A stainless steel member has a three-dimensional state of stress at a critical location where sx = 50,000, sy = -10,000, sz = 15,000. txy = -3500, tyz = -1000, and tzx = 2000 psi. Calculate the first, second, and third stress invariants and solve ..

Identify a specific type of childhood trauma : Identify a specific type of childhood trauma (e.g., child physical abuse, sexual abuse, neglect, or exposure to family violence). Think about how exposure to this type of trauma might result in a transcrisis state

Psychological dynamics of partner violence : Discussion, you will compare social, cultural, and psychological dynamics of partner violence and sexual assault. Then, you will analyze potential treatment barriers survivors of sexual assault and partner violence might encounter

Calculate total tax : Use the PERSTAX program to calculate their total tax bill as single individuals and determine how much it will cost them in taxes to get married. Assume that getting married during a year subjects the entire year's income to the married filing joi..

Prepare the statement of cash flows for arduous company : Prepare the statement of cash flows for Arduous Company. Use the T-account method to assist in your analysis.

Make three-dimensional mohr circle representation stresses : Copy the drawing and mark on it the location of highest bending stress. Make a three-dimensional Mohr circle representation of the stresses at this point. (Neglect stress concentration.)

Prepare the auditors report - long beach bridges report : Discuss the matters that should be considered in determining whether or not Long Beach Bridge's management is correct in its belief that the stolen tolls meet the criteria for revenue recognition

Prepare a report explaining the apparent discrepancy : Your report should also include a narrative explanation of how it is possible for operating activities to simultaneously produce a positive net income and negative net cash flows.

User Account

All Pages