Chandler and Cas
Chapter7: Deductions And Losses: Certain Business Expenses And Losses
Section: Chapter Questions
Problem 30CE: Phillis and Trey are married and file a joint tax return. For 2019, they have 4,800 of nonbusiness...
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Question
T3.
Transcribed Image Text:Chandler and Cassidy are married and file a joint return. Chandler is age 66, and
Cassidy is age 68. They report the following income items:
Dividend eligible for 0% preferential rate
Capital gain eligible for 0% preferential rate
Chandler's salary
Their itemized deductions totaled $10,390, and they have no dependents.
Required:
Compute their income tax on a joint return. Assume the taxable year is 2022.
Use Individual Tax Rate Schedules and Standard Deduction Table.
Note: Round your intermediate calculations and final answers to the nearest
whole dollar amount.
AGI
Taxable Income
Income Tax
Amount
$
$
$
$ 3,900
4,900
44,025
42,435
13,235
4,435
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