Author Question: Bobby and Lisa are married and claim 4 exemptions. Last year Lisa earned 47,300 and Bobby earned ... (Read 156 times)

Chelseaamend · **on:** Jun 24, 2018

Bobby and Lisa are married and claim 4 exemptions. Last year Lisa earned 47,300 and Bobby earned 18,000 in wages. Additional tax information for the year is as follows: Interest earned: 2,700; alimony paid: 5,600; penalty on early withdrawal of savings: 250; state and local income taxes paid: 5,100; contributions to charity: 2,200. Find the taxable income if they file a joint return.

Question 2

A buyer for a department store is looking for a line of sweaters to retail at 80 each. If a 56 markup based on selling price is the objective, what is the most the buyer can pay for the sweaters and still get the intended markup?