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Fred and Wilma are a legally married couple. Fred is a building contractor who has $373,480 of taxable income during the year, after claiming the proper deductions. Wilma is a full-time doctoral student who had no taxable income during the year. Calculate the tax liability under the following assumptions: a) Fred and Wilma file jointly. b) Fred and Wilma file separately.
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- Paola and Isadora are married, file a joint tax return, and have one dependent child, Dante. The Shaws report modified AGI of $124,310. The couple paid $6,000 of tuition and $3,660 for room and board for Dante Dante, a full-time first-year student at Serene College and claimed as a dependent by Paola and Isadora. Determine the amount of the Shaws' American Opportunity credit for 2021.Mike and Ashlyn are married and filed jointly. Their combined wages were $75,300. They earned $2000 from a rental property they own, and they received $1650 in interest. They claimed a total of four exemptions for themselves and two children. They contributed $3240 to their tax-deferred retirement plans, and their itemized deductions total $9610. Determine whether they should itemize or take the standard deduction. Then compute their taxable income. (Do NOT compute what they actually owe in income taxes.)Carl and Karina file a joint return. Karina earned a salary of $40,250 and received dividends of $3,180, taxable interest income of $2,090, and nontaxable interest of $1,045. Carl received $9,360 of social security benefits and a gift of $6,090 from his brother. What amount of social security benefits is taxable to Carl and Karina? Taxable social security benefits = $