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.
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.
Chapter3: Computing The Tax
Section: Chapter Questions
Problem 19CE
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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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