Jane and Ed Rochester who are filing Married Filing Jointly are married with a 2-year-old child, who lives with them and whom they support financially. They normally take the standard deduction. What would be the 2023 Tax Liability if Ed and Jane realized the following items of income and expense: Ed's Salary $ 35,000 Jane's Salary $100,000 Municipal bond interest income $400 Capital Loss on Investments of ($5,000) Ordinary Dividends $2500 Standard Deduction $27,700 Real property tax (from AGI) $10,000 Charitable contributions (from AGI) $7,000 $13,759 $14199 O $14,111 $13671
Jane and Ed Rochester who are filing Married Filing Jointly are married with a 2-year-old child, who lives with them and whom they support financially. They normally take the standard deduction. What would be the 2023 Tax Liability if Ed and Jane realized the following items of income and expense: Ed's Salary $ 35,000 Jane's Salary $100,000 Municipal bond interest income $400 Capital Loss on Investments of ($5,000) Ordinary Dividends $2500 Standard Deduction $27,700 Real property tax (from AGI) $10,000 Charitable contributions (from AGI) $7,000 $13,759 $14199 O $14,111 $13671
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter10: Individuals: Income, Deductions, And Credits
Section: Chapter Questions
Problem 10CE
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Transcribed Image Text:Jane and Ed Rochester who are filing Married Filing Jointly are married
with a 2-year-old child, who lives with them and whom they support
financially. They normally take the standard deduction. What would be
the 2023 Tax Liability if Ed and Jane realized the following items of
income and expense:
Ed's Salary $ 35,000
Jane's Salary $100,000
Municipal bond interest income $400
Capital Loss on Investments of ($5,000)
Ordinary Dividends $2500
Standard Deduction $27,700
Real property tax (from AGI) $10,000
Charitable contributions (from AGI) $7,000
$13,759
$14199
$14,111
$13671
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