Bill and Mary plan to marry in December of 2012. Bill\'s salary is $32,000 and h

Question

Bill and Mary plan to marry in December of 2012. Bill's salary is $32,000 and he owns a 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 a residence. Assume that 2013 tax rates, exemptions, and standard deductions are the same as 2012. Task(s): Answer the following questions: What will their tax be if they marry before year-end and file a joint return? What will their combined taxes be for the year if they delay the marriage until 2013? What factors contribute to the difference in taxes?

Explanation / Answer

(a) $12000

(b) $13600

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