John Doe has a $50,000 adjusted gross income and allowable itemized deductions of $7,500. Jane Doe has a $55,000 adjusted gross income and $4,000 of allowable itemized deductions. a) Compute the total tax they would pay if they file separate returns. b) Compute their tax as a married couple filing a joint return.
John Doe has a $50,000 adjusted gross income and allowable itemized deductions of $7,500. Jane Doe has a $55,000 adjusted gross income and $4,000 of allowable itemized deductions. a) Compute the total tax they would pay if they file separate returns. b) Compute their tax as a married couple filing a joint return.
Chapter8: Taxation Of Individuals
Section: Chapter Questions
Problem 29P: Arthur and Cora are married and have 2 dependent children. They have a gross income of 95,000. Their...
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Economics
John Doe has a $50,000 adjusted gross income and allowable itemized deductions of $7,500. Jane Doe has a $55,000 adjusted gross income and $4,000 of allowable itemized deductions.
a) Compute the total tax they would pay if they file separate returns.
b) Compute their tax as a married couple filing a joint return.
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT