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Author Question: Lila and Ted are married and have AGI of $337,000 in 2016. They had their first children this year, ... (Read 44 times)

rayancarla1

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Question 1

Brett, a single taxpayer with no dependents, earns salary of $500,000 and dividend income of $50,000.  Itemized deductions for home mortgage interest, property taxes and charitable contributions total $35,000.  Calculate Brett's total federal income tax liability for 2016.

Question 2

Lila and Ted are married and have AGI of $337,000 in 2016.  They had their first children this year, twins.  Lila and Ted will be allowed a deduction for personal and dependency exemptions of
◦ $8,100.
◦ $16,200.
◦ $12,636.
◦ $6,318.


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Marked as best answer by rayancarla1 on Sep 13, 2020

kishoreddi

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rayancarla1

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


Joy Chen

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

 

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