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Author Question: Bill and Tessa have two children whom they support and who live in their home. Timmy is 17 and has ... (Read 49 times)

LaDunn

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Question 1

The computer is the primary tool of the tax professional. The tax professional uses the computer for all of the following client services except
◦ tax planning for clients.
◦ tax research for client questions.
◦ investment purchases on behalf of clients.
◦ tax return preparation.

Question 2

Bill and Tessa have two children whom they support and who live in their home. Timmy is 17 and has earned income of $5,000 for the year. Their other child, Tommy, is 15. Tessa's mother also lives with them and may be claimed as their dependent. She is 89 years old. Their adjusted gross income is $130,000.

Required: Compute Bill and Tessa's taxable income for 2016 if they file a joint return and they do not itemize deductions.


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Marked as best answer by LaDunn on Sep 13, 2020

Yixagurpuldink

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LaDunn

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Reply 2 on: Sep 13, 2020
Great answer, keep it coming :)


bdobbins

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

 

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