LO3,6 Arthur and Cora are married and have 2 dependent children. For 2010, they have a gross

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LO3,6 Arthur and Cora are married and have 2 dependent children. For 2010, they have a gross income of $95,000. Their allowable deductions for adjusted gross income total $4,000, and they have total allowable itemized deductions of $14,250.

a. What is Arthur and Cora’s 2010 taxable income?

b. What is Arthur and Cora’s 2010 income tax?

c. If Arthur has $2,900 and Cora has $3,800 withheld from their paychecks during 2010, are they entitled to a refund, or do they owe additional taxes?

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