Answered: Federal Income Tax

Business

Accounting

Federal Income Tax

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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Question

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Suppose that my filing status on the Federal Income Tax Form 1040 is married filing jointly and that my spouse and I find that our set of itemized deductions is less than our standard deduction. Then to seek the lowest tax liability, my spouse and I should

	a.	use the standard deduction.
	b.	itemize deductions.
	c.	add our standard deduction to our income.
	d.	add our itemized deductions to our income.
	e.	have lots of arguments doing our taxes together.

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