- Premium Academic Help From Professionals
- +1 810 395 5448
- support@essayshredder.com
income taxation homework
Single and Married Scenario 2 due 8/6
5.1points max, 4.3 points for good work that meets expectation
John and Susan are a couple but not yet married. They are contemplating the tax effects of getting married. John earns $145,000and Susan earns $80,000. Ignore itemized deductions and possible children. You can refer to the text for standard deduction and tax rates or to instructions to Form 1040 (https://www.irs.gov/pub/irs-pdf/i1040gi.pdf )
Complete the following table (3.6 points including part II). Year 2019
| John | Susan | Combined | John | Susan | |||
| Earns | $145,000 | $80,000 | $145,000 | $80,000 | |||
| A | B | A+B | C | D | E | D+E | |
| John Single | Susan Single | John and Susan are NOT MARRIED. What is their combined tax? | John/Susan Married Filing Jointly (MFJ) | John – Married Filing Separately (MFS) | Susan – Married Filing Separately (MFS) | Combined John/Susan MFS | |
| Standard deduction | NA | NA | |||||
| Taxable Income | NA | NA | |||||
| Tax | |||||||
| Show calculations below | NA | NA |
- Show tax calculations (for columns A, B, C, D, E
A1. Copy and paste tables used – Remember to use 2019 tables
A2. Show calculations – You can use any format, including Excel files, as long as they are easy to read.
III. Comment in general and specific terms on the benefits of married filing jointly (MFJ). Under what circumstances is MFJ most beneficial (1.6 points maximum for outstanding publishable commentary; 0.8 for merely good work).
