Ask Question
21 March, 07:12

Melvin and Sylvia are married with no children, and they're filing their federal income tax return. Melvin had a gross income of $44,500 last year, while Sylvia had a gross income of $51,200, and they plan to use the standard deduction. They're trying to decide whether to file their return jointly or separately, so they want to calculate how much less they would pay in federal income taxes if they filed jointly rather than separately.

Part I: When filing separately, both Melvin and Sylvia have a standard deduction of $5700, and each can claim him/herself as an exemption for $3650. Neither has any additional adjustments to income. What is Melvin's taxable income? How about Sylvia's taxable income?

+4
Answers (1)
  1. 21 March, 08:27
    0
    add standard deduction and exemption: 5700 + 3650 = 9350

    subtract from each of their incomes and that will be the taxable income:

    Melvin: 44500 - 9350 = 35150 taxable income

    Sylvia: 51200 - 9350 = 41850 taxable income
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Melvin and Sylvia are married with no children, and they're filing their federal income tax return. Melvin had a gross income of $44,500 ...” in 📘 Mathematics if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers