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 O $234,000 $224,000 O $225,300 O $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 O $234,000 $224,000 O $225,300 O $226,000 $236,000
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter9: Individuals As Taxpayers
Section: Chapter Questions
Problem 5CE
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