Program to calculate their total tax bill

Assignment Help Finance Basics

Reference no: EM131011230

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: EM131011230

Questions Cloud

What is an example of blaming the victim : How is blaming the victim related to the fundamental attribution error? What is an example of blaming the victim? How does blaming the victim harm victims further

Financial information about companies : 1. Where do analysts get financial information about companies? What are their concerns about the information? 2. Financial analysts are generally optimists who believe what they're told. Right or wrong? Explain.

Determine the maximum load p : The structure shown below is made of structural A-36 steel. The left post is a solid round steel member with a diameter of 6 inches. The right post is a square steel member which is 6 inches square. The horizontal member is a solid steel beam with..

Summarize the importance of thermal radiation : Consider the Unit Lesson within the Study Guide. Summarize the importance of thermal radiation and particle size in air chemistry.

Program to calculate their total tax bill : 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..

Using for the financial research project : Provide specific price (i.e., option premium) and other information (i.e., strike price, maturity) about a call option on the stock of the company that you are studying during this class (the company that you are using for the Financial Research Proj..

Fixed assets is required to support this growth in sales : Thorpe Mfg., Inc., is currently operating at only 88 percent of fixed asset capacity. Current sales are $320,000. Suppose fixed assets are $250,000 and sales are projected to grow to $357,000. How much (in dollars) in new fixed assets is required to ..

Build earthquake-resistant buildings : One of the projects the loan would fund is to build earthquake-resistant buildings. The project will begin in March 2015, last for two years and is expected to have the following expenditures: start-up costs of $200,000 paid at the beginning of the f..

Information on balance sheets-income statements : Visit the Small Business Administration at http://www.sba.gov and find information on balance sheets, income statements, and other topics discussed in this chapter. The SBA page includes links to many other useful sites, such as the Small Business..

User Account

All Pages