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

What is the Wayne's gross income?

Group of answer choices

$83,000

$83,980

$78,580

$87,030

What is their adjusted gross income?

Group of answer choices

$81,980

$76,580

$71,000

$83,980

Will the Wayne's itemize or take the standard deduction? If so, show the correct amount for whichever one they choose.

Group of answer choices

They will choose the itemized deduction of $32,206.50 as it is higher than the standard deduction of $27,700

They will choose the itemized deduction of $25,801.50 as it is higher than the standard deduction of $20,800

They will choose the standard deduction of $27,700 as it is higher than the itemized deduction of $26,206.50

They will choose the standard deduction of $27,700 as it is higher than the itemized deduction of $25,100

What is their taxable income and how much is their federal tax liability?

Group of answer choices

Their taxable income is $50,333.50 and they owe $5600 in federal income taxes.

Their taxable income is $57,330.50 and they owe $6440 in federal income taxes.

Their taxable income is $44,373.50 and they owe $4,885 in federal income taxes.

Their taxable income is $48,880 and they owe $5442 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 will receive a refund of $3274

They owe the government $440

They will receive a refund of $1115

They owe the government $1,740