(e) The Johnsons are buying a home that has monthly mortgage payments of $3000, or $36,000 a...
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(e) The Johnsons are buying a home that has monthly mortgage payments of $3000, or $36,000 a year. Of this amount, about $32,800 goes for interest and real estate property taxes. The couple has an additional
$14,000 in itemized deductions. Using these numbers and Table 4.3, calculate their taxable income and tax liability.
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