Question marriage and taxes bill and mary plan to marry in, Ask an Expert

Accounting

Question: Marriage and Taxes: Bill and Mary plan to marry in December 2016. Bill's salary is $32,000 and he owns his residence. His itemized deductions total $12,000. Mary's salary is $39,000. Her itemized deductions total only $1,600 as she does not own her residence. For purposes of this problem, assume 2017 tax rates, exemptions, and standard deductions are the same as 2016.

a. What will their tax be if they marry before year-end and file a joint return?

b. What will their combined taxes be for the year if they delay the marriage until 2017?

c. What factors contribute to the difference in taxes?

View complete question

Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92573635

Have any Question?Write your Review or question?

Related Questions in Accounting Basics

Question -nbsp international chemical companys special

Question - International Chemical Company's special order also requires 1 000 kilograms of genatope, a solid chemical regularly used in the company's products. The current stock of genatope is 8 000 kilograms at a carry ...

Question - at december 31 2014 the available for sale

Question - At December 31, 2014, the available for sale equity portfolio for xyz corp. is as follows. Security Cost Fair Value Stock A 33,600 31,000 Stock B 175,000 174,000 Stock C 59,400 68,500 Total 268,000 273,500 Dec ...

Question - during 2017 crimson inc purchased 2775000 of

Question - During 2017, Crimson Inc. purchased $2,775,000 of inventory. The cost of goods sold for 2017 was $2,635,938 and the ending inventory at December 31, 2017 was $544,688. What was the inventory turnover for 2017?

Question - on june 15 richwood township decided to withdraw

Question - On June 15, Richwood Township decided to withdraw $3,035,000 for a capital projects payment. At the date of the withdrawal, the fair value of the Treasury notes had increased by $32,500. Assume that the trust ...

Question - for this assessment you will need to complete a

Question - For this assessment, you will need to complete a Form 1040, Form 4562, Schedule C, and Schedule SE and submit them as file uploads. The PDF forms are available here and in the assessment instructions. Jayne Sm ...

Question - what are the steps to finding the current stock

Question - What are the steps to finding the current stock price if dividend is $.6 at the end of the year, rate of return is 10.5% and growth rate is 7.7%?

Question - consider the following account starting balances

Question - Consider the following account starting balances and transactions involving these accounts. Use T-accounts to record the starting balances and the offsetting entries for the transactions. The starting balance ...

Question - x companys profit equation next year is expected

Question - X Company's profit equation next year is expected to be 0.47R-$12,900, where R is total revenue. Assuming a tax rate of 36%, what must next year's revenue be in order for X Company to earn after-tax profits of ...

Question - pina corporation wants to withdraw 113110

Question - Pina Corporation wants to withdraw $113,110 (including principal) from an investment fund at the end of each year for 9 years. What should be the required initial investment at the beginning of the first year ...

Question - given the following data what is the value of

Question - Given the following data, what is the value of the gross profit as determined by the LIFO method? Sales revenue 300 units at $15 per unit Purchases 240 units at $10 per unit Beginning Inventory 120 units at $9 ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Accounting Basics Expert