Federal Income Tax
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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