Raphael and Martina are engaged and are planning to travel to Las Vegas during the 2021 Christmas season and get married aroundthe end of the year. In 2021, Raphael expects to earn $45,050 and Martina expects to earn $15,100. Their employers have deductedthe appropriate amount of withholding from their paychecks throughout the year. Neither Raphael nor Martina has any itemizeddeductions. They are trying to decide whether they should get married on December 31, 2021, or on January 1, 2022. What do yourecommend? Use the appropriate Tax Tables.If Raphael and Martina get married in 2021If Raphael and Martina get married in 2022ACollectivetax liabilityin 2021$$Recommendation:Thus, for tax purposes, it makes more sense for Raphael andMartina to get married in 20213,8113,962

Each and every citizen who has earned income had to pay the required taxes during the period and had…

Answered: Raphael and Martina are engaged and are…

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter3: Income Sources

Section: Chapter Questions

Problem 55P

See similar textbooks

Similar questions

Raphael and Martina are engaged and are planning to travel to Las Vegas during the 2022 Christmas season and get married around the end of the year. In 2022, Raphael expects to earn $45,900 and Martina expects to earn $16,800. Their employers have deducted the appropriate amount of withholding from their paychecks throughout the year. Neither Raphael nor Martina has any itemized deductions. Required: They are trying to decide whether they should get married on December 31, 2022, or on January 1, 2023. What do you recommend? Use the appropriate Tax Tables. If Raphael and Martina get married in 2022 If Raphael and Martina get married in 2023 Recommendation: Collective tax liability in 2022 Thus, for tax purposes, it makes more sense for Raphael and Martina to get married in 2022. Thus, for tax purposes, it makes more sense for Raphael and Martina to get married in 2023.
Raphael and Martina are engaged and are planning to travel to Las Vegas during the 2022 Christmas season and get married around the end of the year. In 2022, Raphael expects to earn $45, 300 and Martina expects to earn $15,600. Their employers have deducted the appropriate amount of withholding from their paychecks throughout the year. Neither Raphael nor Martina has any itemized deductions. Required: They are trying to decide whether they should get married on December 31, 2022, or on January 1, 2023. What do you recommend? Use the appropriate Tax Tables.
Raphael and Martina are engaged and are planning to travel to Las Vegas during the 2018 Christmas season and get married around the end of the year. In 2018, Raphael expects to earn $58,600 and Martina expects to earn $23,500. Their employers have deducted the appropriate amount of withholding from their paychecks throughout the year. Neither Raphael nor Martina has any itemized deductions. They are trying to decide whether they should get married on December 31, 2018, or on January 1, 2019. What do you recommend?
Raphael and Martina are engaged and are planning to travel to Las Vegas during the 2018 Christmas season and get married around the end of the year. In 2018, Raphael expects to earn $51,400 and Martina expects to earn $19,000. Their employers have deducted the appropriate amount of withholding from their paychecks throughout the year. Neither Raphael nor Martina has any itemized deductions. They are trying to decide whether they should get married on December 31, 2018, or on January 1, 2019.
Raphael and Martina are engaged and are planning to travel to Las Vegas during the 2022 Christmas season and get married around the end of the year. In 2022, Raphael expects to earn $45,500 and Martina expects to earn $16,000. Their employers have deducted the appropriate amount of withholding from their paychecks throughout the year. Neither Raphael nor Martina has any itemized deductions. Required: They are trying to decide whether they should get married on December 31, 2022, or on January 1, 2023. What do you recommend? Use the appropriate Tax Tables. If Raphael and Martina get married in 2022 If Raphael and Martina get married in 2023 Recommendation Collective tax liability in 2022
Required: Raphael and Martina are engaged and are planning to travel to Las Vegas during the 2020 Christmas season and get maried around the end of the year Raphael expects to eam $45,000 and Martina expects to eam $15,000 Their employers have deducted the appropriate amount of withholding from their paychecks throughout the year Neither Raphael nor Martina has any itemized deductions They are trying to decide whether they should get married on December 312020or on January 12021 What do you recommend ? Use the appropriate Tax Tables
Toby and Nancy are engaged and plan to get married. During 2019, Toby is a full-time student and earns $9,400 from a part-time job. With this income, student loans, savings, and nontaxable scholarships, he is self-supporting. For the year, Nancy is employed and has wages of $79,200. 1. If Toby and Nancy filing status is single, calculate each of their Gross income and AGI, standard deduction, taxable income, and income tax. 2. If Toby and Nancy got married and filed jointly, calculate their gross income, standard deduction, taxable income, and income tax. 3. How much income tax can Toby and Nancy save if they get married in 2019 and file a joint return?
Barry and Madison plan to marry in December 2019. Barry's salary is $60,000 and he owns his residence. His itemized deductions total $18,200. Madison's salary is $81,000. Her itemized deductions total only $8,400 as she does not own her residence. For purposes of this problem, assume 2020 tax rates and standard deductions are the same as 2019. Read the requirements. Requirement a. What will their 2019 tax be if they marry before year-end and file a joint return? Adjusted gross income $141,000 Minus: Itemized deductions (26,600) Taxable income $114,400 (Use the 2019 tax rate schedule for all tax calculations. Do not round intermediary calculations. Only round the amount you enter in the input field to the nearest dollar.) Barry and Madison's gross tax if they file a joint return is $16,885 . Requirement b. What will their combined 2019 taxes be if they delay the marriage until 2020? Compute the taxable…
Barry and Madison plan to marry in December 2019. Barry's salary is $60,000 and he owns his residence. His itemized deductions total $18,200. Madison's salary is $81,000. Her itemized deductions total only $8,400 as she does not own her residence. For purposes of this problem, assume 2020 tax rates and standard deductions are the same as 2019. Read the requirements. Requirement a. What will their 2019 tax be if they marry before year-end and file a joint return? Adjusted gross income $141,000 Minus: Itemized deductions (26,600) Taxable income $114,400 (Use the 2019tax rate schedule for all tax calculations. Do not round intermediary calculations. Only round the amount you enter in the input field to the nearest dollar.) Barry and Madison's gross tax if they file a joint return is .
Alison and her husband, Tyrone, were married at the beginning of 2021. They separated on July 5, 2021, and Tyrone moved out of the house at that time. Their son, Cam (9), lived with Alison all year. Alison paid more than half of the total cost of keeping up the home in 2021. Alison and Tyrone's divorce was finalized on January 3, 2022. Alison does not wish to file a joint return with Tyrone. What is Alison's most advantageous 2021 filing status and standard deduction? Qualifying widow(er); $25,100. Head of household; $18,800. Married filing separately; $12,550. Single; $12,550.
Matthew's divorce decree calls for him to pay his former spouse, Makenzi, $200 a month as child support and $150 a month as alimony. Matthew fails to pay Makenzi in July and December. The divorce decree was finalized on September 1, 2018. The amount Matthew may deduct as alimony paid is __________.
Jason makes payments in 2020 to his ex-spouse Dana related to their 2019 divorce agreeement of 1) alimony of $1,800 a month and 2) child support of $1,500 a month. What are the conseuquences of these payments to Jason? What are the consequences of these payments to Dana?

SEE MORE QUESTIONS

Recommended textbooks for you

CONCEPTS IN FED.TAX., 2020-W/ACCESS

Accounting

ISBN:

9780357110362

Author:

Murphy

Publisher:

CENGAGE L

SWFT Essntl Tax Individ/Bus Entities 2020

Accounting

ISBN:

9780357391266

Author:

Nellen

Publisher:

Cengage

SWFT Comprehensive Volume 2019

Accounting

ISBN:

9780357233306

Author:

Maloney

Publisher:

Cengage

CONCEPTS IN FED.TAX., 2020-W/ACCESS

Accounting

ISBN:

9780357110362

Author:

Murphy

Publisher:

CENGAGE L

SWFT Essntl Tax Individ/Bus Entities 2020

Accounting

ISBN:

9780357391266

Author:

Nellen

Publisher:

Cengage

SWFT Comprehensive Volume 2019

Accounting

ISBN:

9780357233306

Author:

Maloney

Publisher:

Cengage

SWFT Individual Income Taxes

Accounting

ISBN:

9780357391365

Author:

YOUNG

Publisher:

Cengage

Individual Income Taxes

Accounting

ISBN:

9780357109731

Author:

Hoffman

Publisher:

CENGAGE LEARNING - CONSIGNMENT

SWFT Comprehensive Vol 2020

Accounting

ISBN:

9780357391723

Author:

Maloney

Publisher:

Cengage

SEE MORE TEXTBOOKS