5. Brandon and Rachael Timmerman determined the following tax information: gross salaries, $234,000 and $222,000, respectively; interest
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5. Brandon and Rachael Timmerman determined the following tax information: gross salaries, $234,000 and
$222,000, respectively; interest earned, $11,000; qualified retirement plan contributions, $60,000; personal exemptions, $6800; and itemized deductions, $26,000.
Calculate the Timmermans’ taxable income and tax liability. (Hint: Use Table 4.2.)
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