Emily and Juan are married and filed jointly. Their combined wages were $130,000 and they had no other income. They contributed $15,000 to a tax-deferred retirement account and claimed the standard deduction. The also claimed three personal exemptions (for themselves and one child). They also qualify for a $1,000 tax credit. aFind their Gross Income and Adjusted Gross Income.   b.Find their Taxable Income.   c.Calculate the Federal Income tax owed (not the FICA taxes).

CONCEPTS IN FED.TAX.,2020-W/ACCESS
20th Edition
ISBN:9780357110362
Author:Murphy
Publisher:Murphy
Chapter1: Federal Income Taxation—an Overview
Section: Chapter Questions
Problem 64P: Leroy and Amanda are married and have three dependent children. During the current year, they have...
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Emily and Juan are married and filed jointly. Their combined wages were $130,000 and they had no other income. They contributed $15,000 to a tax-deferred retirement account and claimed the standard deduction. The also claimed three personal exemptions (for themselves and one child). They also qualify for a $1,000 tax credit.

aFind their Gross Income and Adjusted Gross Income.

 

b.Find their Taxable Income.

 

c.Calculate the Federal Income tax owed (not the FICA taxes).

 

 

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