Emily and Juan are married and filed jointly. Their combined wages were $130,000 and they had no other income. They contributed $15,000 to a tax-deferred retirement account and claimed the standard deduction. The also claimed three personal exemptions (for themselves and one child). They also qualify for a $1,000 tax credit. aFind their Gross Income and Adjusted Gross Income. b.Find their Taxable Income. c.Calculate the Federal Income tax owed (not the FICA taxes).
Emily and Juan are married and filed jointly. Their combined wages were $130,000 and they had no other income. They contributed $15,000 to a tax-deferred retirement account and claimed the standard deduction. The also claimed three personal exemptions (for themselves and one child). They also qualify for a $1,000 tax credit. aFind their Gross Income and Adjusted Gross Income. b.Find their Taxable Income. c.Calculate the Federal Income tax owed (not the FICA taxes).
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Emily and Juan are married and filed jointly. Their combined wages were $130,000 and they had no other income. They contributed $15,000 to a tax-deferred retirement account and claimed the standard deduction. The also claimed three personal exemptions (for themselves and one child). They also qualify for a $1,000 tax credit.
aFind their Gross Income and Adjusted Gross Income.
b.Find their Taxable Income.
c.Calculate the Federal Income tax owed (not the FICA taxes).
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