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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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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