CONCEPTS IN FED.TAX.,2020-W/ACCESS
20th Edition
ISBN: 9780357110362
Author: Murphy
Publisher: CENGAGE L
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Chapter 8, Problem 29P
Arthur and Cora are married and have 2 dependent children. They have a gross income of $95,000. Their allowable deductions for adjusted gross income total $4,000, and they have total allowable itemized deductions of $26,250.
- a. What is Arthur and Cora’s taxable income?
- b. What is Arthur and Cora’s income tax?
- c. If Arthur has $3,900 and Cora has $3,600 withheld from their paychecks, are they entitled to a refund, or do they owe additional taxes?
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