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?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![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?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe4829a0a-cac1-42a0-a9cc-d82a73e9ed65%2Fe55d7e92-2345-4d73-84cd-cb3d0fbaccb9%2Fdfx2vy_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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?
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