Question

Print iterm roblem 3-46 (Algorithmic) (LO. 5, 6, 9) reston and Anna are engaged and plan to get married. During 2017, Preston is a full-time student and earns $8,500 from a part-time job. Vith this income, student loans, savings, and nontaxable scholarships, he is self-supporting. For the year, Anna is employed and reports $61,800 in wages. The personal exemption amount for 2017 is $4,050. Click here to access the standard deduction table to use. Click here to access the Tax Rate Schedules. If an amount is zero, enter, "0". Do not round your intermediate computations. Round your final answer to nearest whole dollar. a. Compute the following: Preston Anna Filing Single Filing Single 24 Gross income and AGI 61,800 V 8,500 V 6,350 V 6,350V Standard deduction 4,050 v 4,050V Personal exemption %24 Taxable income 51,400" %24 Income tax 10,113.75 x Feedback Next Previous Check My Work 10:42 PM 1/12/2020

Answer 1

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As per Tax year 2017: Solution: Gross Income and AGI Standard Deduction Personal Exemption Taxable income Preston Anna Filing Single Filing Single 8500 61800 6350 6350 4050 4050 0 51400 Income Tax 0 $ 8,589 (5226.25)+(51400-37950)*25%