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Betty, age 39 and Steve, age 50, are married with two dependent children. They file a joint return for 2020. Their income from salaries totals $105,000; they receive $2,000 in taxable interest and $2,000 in royalties. Their deductions for adjusted gross income amount to $ 5,100; they have itemized deductions totaling $40,000. Calculate the following amounts: (I REALLY NEED TO ANSWER THE LETTERS:  d. , e. and f.) a. Gross income   b. Adjusted gross income   c. Itemized deduction or standard deduction amount     d. Deduction for exemptions   e.   Taxable income     f. Regular income tax liability from rate schedules

Betty, age 39 and Steve, age 50, are married with two dependent children. They file a joint return for 2020. Their income from salaries totals $105,000; they receive $2,000 in taxable interest and $2,000 in royalties. Their deductions for adjusted gross income amount to $ 5,100; they have itemized deductions totaling $40,000. Calculate the following amounts: (I REALLY NEED TO ANSWER THE LETTERS:  d. , e. and f.) a. Gross income   b. Adjusted gross income   c. Itemized deduction or standard deduction amount     d. Deduction for exemptions   e.   Taxable income     f. Regular income tax liability from rate schedules

FINANCIAL ACCOUNTING
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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Betty, age 39 and Steve, age 50, are married with two dependent children. They file a joint return for 2020. Their income from salaries totals $105,000; they receive $2,000 in taxable interest and $2,000 in royalties. Their deductions for adjusted gross income amount to $ 5,100; they have itemized deductions totaling $40,000. Calculate the following amounts:

(I REALLY NEED TO ANSWER THE LETTERS:  d. , e. and f.)

a.

Gross income

 

b.

Adjusted gross income

 

c.

Itemized deduction or standard deduction amount

 

 

d.

Deduction for exemptions

 

e.

 

Taxable income

 

 

f.

Regular income tax liability from rate schedules
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