Computation of Tax. The following information relates to two married couples: Smiths Millers Salary (earned by one spouse) Taxable interest income Deductible IRA contribution Itemized deductions Withholding $30,000 20 0 900 750 $95,000 1,000 6,000 26,400 8,500 Compute the 2022 tax due or refund due for each couple. Assume that any restrictions on itemized deductions have been applied. Ignore credits.
Computation of Tax. The following information relates to two married couples: Smiths Millers Salary (earned by one spouse) Taxable interest income Deductible IRA contribution Itemized deductions Withholding $30,000 20 0 900 750 $95,000 1,000 6,000 26,400 8,500 Compute the 2022 tax due or refund due for each couple. Assume that any restrictions on itemized deductions have been applied. Ignore credits.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Aa 93.
Transcribed Image Text:Computation of Tax. The following information relates to two married couples:
Smiths
Millers
Salary (earned by one spouse)
Taxable interest income
Deductible IRA contribution
Itemized deductions
Withholding
$30,000
20
0
900
750
$95,000
1,000
6,000
26,400
8,500
Compute the 2022 tax due or refund due for each couple. Assume that any restrictions on
itemized deductions have been applied. Ignore credits.
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