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How large of a refund will they receive?

How large of a refund will they receive?

FINANCIAL ACCOUNTING
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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Monte Lion and Ella Funt are a married couple with young three children. Wages totaled $146,600 with itemized deductions of $37,400. Interest income was $1,200. The couple sold stock for $32,000 which had been purchased three years earlier for $24,000. They also sold stock for $9,000 which had been purchased ten months earlier for $7,000. For the year, the couple has paid $16,500 in federal taxes. They are also eligible for a $5,000 tax credit. How large of a refund will they receive? $2993 $3693 O $ 4293 $ 4693
Transcribed Image Text:Monte Lion and Ella Funt are a married couple with young three children. Wages totaled $146,600 with itemized deductions of $37,400. Interest income was $1,200. The couple sold stock for $32,000 which had been purchased three years earlier for $24,000. They also sold stock for $9,000 which had been purchased ten months earlier for $7,000. For the year, the couple has paid $16,500 in federal taxes. They are also eligible for a $5,000 tax credit. How large of a refund will they receive? $2993 $3693 O $ 4293 $ 4693
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