Bobby and Lisa are married and claim 4 exemptions. Last year Lisa ...

[Chelseaamend]

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?

[efwsefaw]

Answer to Question 1

33,950

Answer to Question 2

35.2

[Chelseaamend]

Thanks for the timely response, appreciate it

[parker125]

TYSM