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11) Describe the components of tax practice. 12) The following information is available for Bob and Brenda Horton, a married couple filing a joint return,
11) Describe the components of tax practice. 12) The following information is available for Bob and Brenda Horton, a married couple filing a joint return, for 2021. Both Bob and Brenda are age 32 and have no dependents. Salaries Interest income Deductible IRA contributions Itemized deductions $200,000 13,000 12,000 28,000 Withholding 31,000 a. What is the amount of their gross income? b. What is the amount of their adjusted gross income? C. What is the amount of their taxable income? d. What is the amount of their tax liability (gross tax), rounded to the nearest dollar? What is the amount of their tax due or (refund due)? e
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