Monte Lion and Ella Funt are a married couple with two children. Wages totaled $141,600 with itemized deductions of $33,400. Interest income was $2,100. The couple sold stock for $32,000 which had been purchased three years earlier for $26,000. They also sold stock for $8,000 which had been purchased nine months earlier for $6,000. For the year, the couple has paid $19,500 in federal taxes. They are also eligible for a $1,000 tax credit. How large of a refund will they receive? $3015.00 $ 3762.50 $ 5172.00 $ 5684.00

Monte Lion and Ella Funt are a married couple with two children. Wages totaled $141,600 with itemized deductions of $33,400. Interest income was $2,100. The couple sold stock for $32,000 which had been purchased three years earlier for $26,000. They also sold stock for $8,000 which had been purchased nine months earlier for $6,000. For the year, the couple has paid $19,500 in federal taxes. They are also eligible for a $1,000 tax credit. How large of a refund will they receive? $3015.00 $ 3762.50 $ 5172.00 $ 5684.00

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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