Mark and Michelle are married, file a joint return, and have two dependent children. Michelle is...
Mark and Michelle are married, file a joint return, and have two dependent children. Michelle is a lawyer working for a corporation. Mark works as a college science teacher.
During 2019, they report the following items:
Mark’s Salary 83,000
Michelle’s salary 120,000
Interest earned on municipal bonds 2,000
Interest earned on Federal bonds 5,000
IRA Contribution 10,000
Itemized deductions 21,000
Compute adjusted gross income, taxable income and tax owed.
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$64,000 and $12,000, respectively. In addition to their salaries,
they received interest of $350 from municipal bonds and $500 from
corporate bonds. Marc contributed $2,500 to an individual
retirement account, and Marc paid alimony to a prior spouse in the
amount of $1,500. Marc and Michelle have a 10-year-old son,
Matthew, who lived with them throughout the entire year. Thus, Marc
and Michelle are allowed to claim a $2,000...
Marc and Michelle are married and earned salaries this year of $64,000 and $12,000, respectively. In...
Marc and Michelle are married and earned salaries this year of $64,000 and $12,000, respectively. In addition to their salaries, they received interest of $350 from municipal bonds and $500 from corporate bonds. Marc contributed $2,500 to an individual retirement account, and Marc paid alimony to a prior spouse in the amount of $1,500. Marc and Michelle have a 10-year-old son, Matthew, who lived with them throughout the entire year. Thus, Marc and Michelle are allowed to claim a $2,000...
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Marc and Michelle are married and earned salaries this year of $64,000 and $12,000, respectively. In addition to their salaries, they received interest of $350 from municipal bonds and $500 from corporate bonds. Marc contributed $2,500 to an individual retirement account, and Marc paid alimony to a prior spouse in the amount of $1,500. Marc and Michelle have a 10-year-old son, Matthew, who lived with them throughout the entire year. Thus, Marc and Michelle are allowed to claim a $2,000...
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$64,000 and $12,000, respectively. In addition to their salaries,
they received interest of $350 from municipal bonds and $500 from
corporate bonds. Marc contributed $2,500 to an individual
retirement account, and Marc paid alimony to a prior spouse in the
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