The following information relates to two married couples: Lanes Waynes Salary (earned by one spouse) $32,000 $115,000
Question:
The following information relates to two married couples:
Lanes | Waynes | |
| Salary (earned by one spouse) | $32,000 | $115,000 |
| Taxable interest income | 1,000 | 10,000 |
| Deductible IRA contribution | 5,500 | 0 |
| Itemized deductions | 15,000 | 15,000 |
| Exemptions | 8,100 | 8,100 |
| Withholding | 700 | 18,700 |
Compute the 2017 tax due or refund due for each couple. Assume that the itemized deductions have been reduced by the applicable floors. Ignore credits.
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Related Book For 
Federal Taxation 2018 Comprehensive
ISBN: 9780134532387
31st Edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
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