Selerino and Maria are married and file their taxes jointly. Selerino earned $82,000 in wages last year, while Maria earned $130,000. They also earned $2,150 in interest from their savings account. Selerino and Maria contributed $5600 to their tax-deferred savings account, and had $21,350 in itemized deductions. They also had $3600 in tax credits and $26,540 withheld. What is their lowest taxable income from this information? Show how to calculate this for full credit. What is their tax liability? Show how to calculate this for full credit. What is the amount of their refund, or tax they still owe ? Show how to calculate this for full credit.
Selerino and Maria are married and file their taxes jointly. Selerino earned $82,000 in wages last year, while Maria earned $130,000. They also earned $2,150 in interest from their savings account. Selerino and Maria contributed $5600 to their tax-deferred savings account, and had $21,350 in itemized deductions. They also had $3600 in tax credits and $26,540 withheld. What is their lowest taxable income from this information? Show how to calculate this for full credit. What is their tax liability? Show how to calculate this for full credit. What is the amount of their refund, or tax they still owe ? Show how to calculate this for full credit.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Selerino and Maria are married and file their taxes jointly. Selerino earned $82,000 in wages last year, while Maria earned $130,000. They also earned $2,150 in interest from their savings account. Selerino and Maria contributed $5600 to their tax-deferred savings account, and had $21,350 in itemized deductions. They also had $3600 in tax credits and $26,540 withheld.
- What is their lowest taxable income from this information? Show how to calculate this for full credit.
- What is their tax liability? Show how to calculate this for full credit.
- What is the amount of their refund, or tax they still owe ? Show how to calculate this for full credit.
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