Using the taxable income formula in chapter 4 or the irs website figure out Alicia and David's taxable income. David and Alicia are married without any dependents. They own a home and pay $20,000 in property taxes, $5,000 mortgage interest, $2,000 in medical expenses, and donated $2,000 to charity. Below is their additional tax information: David's W2 $80,000 Alicia's W2 $160,000 Dividend Income $5,000 Capital Gains of $8,000 $234,000 $224,000 O $225,300 $226,000 $236,000
Using the taxable income formula in chapter 4 or the irs website figure out Alicia and David's taxable income. David and Alicia are married without any dependents. They own a home and pay $20,000 in property taxes, $5,000 mortgage interest, $2,000 in medical expenses, and donated $2,000 to charity. Below is their additional tax information: David's W2 $80,000 Alicia's W2 $160,000 Dividend Income $5,000 Capital Gains of $8,000 $234,000 $224,000 O $225,300 $226,000 $236,000
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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Transcribed Image Text:Using the taxable income formula in chapter 4 or the irs website figure out Alicia and David's taxable income.
David and Alicia are married without any dependents. They own a home and pay $20,000 in property taxes, $5,000 mortgage interest, $2,000 in
medical expenses, and donated $2,000 to charity. Below is their additional tax information:
David's W2 $80,000
Alicia's W2 $160,000
Dividend Income $5,000
Capital Gains of $8,000
$234,000
$224,000
O $225,300
$226,000
$236,000
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