3. Vanessa and her husband has a combined Gross Income of $103,442 for 2019. Vanessa is a teacher, and gets to deduct $250 of supplies. a) What is their Adjusted Gross Income for 2017? b) Vanessa and her husband itemize their deductions, and are able to deduct $25,390. They take two personal exemptions (one for each of them). What is their taxable income for 2019? c) What is their tax liability in 2019? d) If they had $18,386 deducted from their paychecks for federal taxes in 2019, do they owe the government or receive a refund? In what amount?

3. Vanessa and her husband has a combined Gross Income of $103,442 for 2019. Vanessa is a teacher, and gets to deduct $250 of supplies. a) What is their Adjusted Gross Income for 2017? b) Vanessa and her husband itemize their deductions, and are able to deduct $25,390. They take two personal exemptions (one for each of them). What is their taxable income for 2019? c) What is their tax liability in 2019? d) If they had $18,386 deducted from their paychecks for federal taxes in 2019, do they owe the government or receive a refund? In what amount?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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