Question
Bruce and Anna Wayne 1 child $78,000 gross annual combined salaries $2,000 invested in Bruce's IRA during the year $580 in a savings account interest
Bruce and Anna Wayne 1 child $78,000 gross annual combined salaries $2,000 invested in Bruce's IRA during the year $580 in a savings account interest $8,300 in medical expenses $15,500 in home mortgage interest $4,800 given to charity $5,600 paid in state income taxes $3,750 paid in local property taxes $4,000 Federal Income tax withheld during the year. Wayne's gross income: 78,580. adjusted gross income 76580. They will choose the itemized deduction of $32,206.50 as it is higher than the standard deduction of $27,700. Their taxable income is $44,373.50 and they owe $4,885 in federal income taxes. Do they still owe the government money or will they receive a refund? If so, how much do they owe? Group of answer choices: They owe the government $440, They will receive a refund of $1115, They will receive a refund of $3274, They owe the government $1,740
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