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18. Mike and Shannon are married filing jointly. Together they earned $168,000 in wages and $1500 in interest from a savings account. They paid

 

18. Mike and Shannon are married filing jointly. Together they earned $168,000 in wages and $1500 in interest from a savings account. They paid $11,800 in interest on a home mortgage, $5.761 on property taxes, and $7500 was given to charity. They also contributed $7000 to an IRA account. Find the following: a. Gross Income b. Adjusted Gross Income c. Total deductions (Circle which on they should use) Standard Itemized d. Taxable Income e. Tax (use tax tables) f. Overall Tax Rate g. If they have already paid $8,900 during the year from withholdings in their paychecks, will they have to pay in or will they receive a refund; and how much?

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