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Compute the taxable income for 2021 in each of the following independent situations. Click here to access the standard deduction table to use if required.
Compute the taxable income for 2021 in each of the following independent situations. Click here to access the standard deduction table to use if required. a. Aaron and Michele, ages 40 and 41, respectively, are married and file a joint return. In addition to four dependent children, they have AGI of $125,000 and itemized deductions of $27,000. AGI $125,000 Less: Taxable income b. Sybil, age 40, is single and supports her dependent parents who live with her, as well as her grandfather who is in a nursing home. She has AGI of $80,000 and itemized deductions of $8,000. AGI $80,000 Less: Taxable income C. Scott, age 49, is a surviving spouse. His household includes two unmarried stepsons who qualify as his dependents. He has AGI of $75,000 and itemized deductions of $10,100. AGI $75,000 Less: Taxable income c. Scott, age 49, is a surviving spouse. His household includes two unmarried stepsons who qualify as his dependents. He has AGI of $75,000 and itemized deductions of $10,100. AGI $75,000 Less: Taxable income d. Amelia, age 33, is an abandoned spouse who maintains a household for her three dependent children. She has AGI of $58,000 and itemized deductions of $10,650. AGI $58,000 Less: Taxable income e. Chang, age 42, is divorced but maintains the home in which he and Lei, his daughter, live. Lei is single and qualifies as Chang's dependent. Chang has AGI of $64,000 and itemized deductions of $9,900. AGI $64,000 Less: Taxable income
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