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Claire and Phil file their income taxes as Married Filing Jointly. They had combined wages of $210.000. received 8000 in interest from a savings account,
Claire and Phil file their income taxes as Married Filing Jointly. They had combined wages of $210.000. received 8000 in interest from a savings account, and contributed a total of $5,000 to their tax-deferred retirement plans. They still consider their two youngest children as dependents when determining exemptions and have itemized deductions totaling $11.590. Use the information in Table 1.9 to answer the following questions.
(a) Find their gross income.
(b) Find their adjusted gross income.
(e) Find their taxable income.
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