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explain how it came out to the the answer $85,340 Meredith and Derek are mariied and file a joint tax return. Meredith and Derek earned
explain how it came out to the the answer $85,340
Meredith and Derek are mariied and file a joint tax return. Meredith and Derek earned salaries this The couple received salary income of $88,749 and qualified business income of $28,856 from an investment in a partnership. In addition to their salaries, they received interest of $600 from municipal bonds and $1,206 from corporate bonds. Derek paid alimony to a prior spouse in the amount of $8,080 (under a divorce decree effective June 1, 2020). Meredith and Derek are allowed to claim a $2,000 child tax credit for their son, Bailey. Meredith and Derek paid $21,990 of expenditures that qualify as itemized deductions. What is Meredith and Derek's taxable income Step by Step Solution
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