Personal exemption amount

Assignment Help Financial Accounting

Reference no: EM13919017

Roy and Brandi are engaged and plan to get married. Roy is a full-time student and earns $9,000 from a part-time job. With this income, student loans, savings, and nontaxable scholarships, he is self-supporting. For the year, Brandi is employed and reports $61,000 in wages. The personal exemption amount for 2015 is $4,000.

Note: If an amount is zero, enter, "0".
Click here to access the standard deduction table.
Click here to access the Tax Rate Schedules. Do not round your intermediate tax computations. Round your final answer to nearest dollar value.

a. Compute the following:

	Roy Filing Single	Brandi Filing Single
Gross income and AGI	$	$
Standard deduction
Personal exemption
Taxable income	$	$
Income tax	$	$

b. Assume that Roy and Brandi get married in 2015 and file a joint return. What is their taxable income and income tax? Round your final answer to nearest whole dollar value.

	Married Filing Jointly
Gross income	$
Standard deduction
Personal exemptions
Taxable income	$
Income tax	$

c. How much income tax can Roy and Brandi save if they get married in 2015 and file a joint return?
$

Reference no: EM13919017

Questions Cloud

Cost of goods sold in 2014 : What was Cost of Goods Sold in 2014?

Create dynamic data structure to store functions information : In this assignment, your input is a simplified version of programs written in a C++-like language consisting of a set of functions, and you are required to create a dynamic data structure to store the functions information so that you may answer s..

Prepare an initial security planning report : Overview: For this milestone, you will prepare an initial security planning report. This document will become the foundation for the final risk assessment and mitigation strategy.

Identify the typical processes in manufacturing firms : In discussing characteristics of efficient plants, Goodson, developer of rapid plant assessments, suggests that numerous forklifts are a sign of poor space utilization. What do you think is behind this observation?

Personal exemption amount : Roy and Brandi are engaged and plan to get married. Roy is a full-time student and earns $9,000 from a part-time job. With this income, student loans, savings, and nontaxable scholarships, he is self-supporting. For the year, Brandi is employed and r..

Find the shortest-route distance from chicago to node six : Assume that the following network (not drawn to scale) with distances given in miles represents the highway network for this problem. Find the shortest-route distance from Chicago to node 6.

Correct cash balance as of the end of the month : What is the correct cash balance as of the end of the month? Verify this amount by reconciling the bank statement with the cash balance on the books.

Discount amounts in cells : The Discount amounts in cells D4, D5, D6 and D7 are computed using the IF function. The discount amount in column D should equal the Discount % from the assumptions area multiplied by the Sales figure from the column B if the corresponding Sales in c..

Developing an ethical culture : Discuss how Kellogg, being ethical and socially minded go hand in hand. Explain how Kellogg benefits from being socially responsible, either financially or in some other way.

User Account

All Pages