Author Question: For solving the questions below, the individual tax rates in Exhibit 4.6 must be made available to ... (Read 42 times)

tatyanajohnson · **on:** Apr 12, 2019

For solving the questions below, the individual tax rates in Exhibit 4.6 must be made available to the students.

Enrico and his wife have combined salaries of $85,000. They have interest and dividends on their investments of $1,000 and annually contribute a combined $3,000 to a traditional IRA. The interest on their home mortgage is $2,500, they contributed $1,000 to their church, and incurred medical expenses not covered by insurance of $1,800. Assuming they can claim two personal exemptions of $4,000 each and file joint tax returns, compute their tax liability for 2015.

◦ $11,606
◦ $10,056
◦ $9,981
◦ $8,287

coyin · **Reply #1 on:** Apr 12, 2019

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