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What is the total tax due?

What is the total tax due?

FINANCIAL ACCOUNTING
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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15. From the following information determine the total 2020 tax due for Gracelyn and Jason Baxter, assuming they file a joint return, have three dependents all under the age of 8, and are not members of a qualified retirement plan: Jason's Wages $ 76,000 Gracelyn's Wages $ 42,000 Jason's IRA Contribution $ 3,000 Gracelyn's IRA Contribution $ 3,000 Gracelyn's Self Employment Income from Etsy $ 77,000 Tax Preference Items $ 50,000 General Business Credit $ 6,000 Primary Residence Mortgage Interest $ 18,000 Property Taxes $ 12,000 What is the total tax due?
Transcribed Image Text:15. From the following information determine the total 2020 tax due for Gracelyn and Jason Baxter, assuming they file a joint return, have three dependents all under the age of 8, and are not members of a qualified retirement plan: Jason's Wages $ 76,000 Gracelyn's Wages $ 42,000 Jason's IRA Contribution $ 3,000 Gracelyn's IRA Contribution $ 3,000 Gracelyn's Self Employment Income from Etsy $ 77,000 Tax Preference Items $ 50,000 General Business Credit $ 6,000 Primary Residence Mortgage Interest $ 18,000 Property Taxes $ 12,000 What is the total tax due?
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