Matt and Alex are married and filed jointly. Their combined wages were $83,300. They received $1650 in interest. They were entitled to two tax breaks of $2000/child. They contributed $3240 to their tax-deferred retirement plans, and their itemized deductions total $11,610. Determine whether they should itemize or take the standard deduction. Then compute their taxable income. Do not find how much they owe in incomes taxes.

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A: Income tax liability -Income tax liability is the amount of tax that an individual or entity owes to…

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A: Please note that taxable income has been calculated based on the deductions available in 2023.

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Q: Alexis had $87,768

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A: Tax Liability: Tax liability is the amount of money you owe to tax authorities, such as your local,…

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A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

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A:

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A: The correct solution is  $35,275

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Q: Alan and Sara Winthrop are a married couple who file a joint income tax return. They have two…

A: SOLUTIONCALCULATION-PARTICULARSAMOUNTINCOME 271800LESS - ITEMIZED DEDUCTIONS -28000TAXABLE Income…

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A: Tax liability refers to the obligation of a taxpayer towards the government. This obligation…

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A: Investment represents something which gives a return. Interest expense is interest paid or accrued…