12. Manny's adjusted gross income on his federal tax return was $45,231. Heclaimed a standard deduction of $4,700 and one exemption of $3,000. Findhis taxable income.A. $7,700B. $37,531C. $42,231D. $40,531

In the given question, Manny's gross income on his federal tax return = $45,231 Standard Deduction…

Answered: 12. Manny's adjusted gross income on…

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter10: Deductions And Losses: Certain Itemized Deductions

Section: Chapter Questions

Problem 2BCRQ

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PERSONAL TAXES Joe and Jane Keller are a married couple who file a joint income tax return, where the tax rates are based on the tax tables presented in the chapter. Assume that their taxable income this year was 165,000. a. What is their federal tax liability? b. What is their marginal tax rate? c. What is their average tax rate?
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12. Manny's adjusted gross income on his federal tax return was $45,231. He claimed a standard deduction of $4,700 and one exemption of $3,000. Find his taxable income. A. $7,700 B. $37,531 C. $42,231 D. $40,531