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federal taxes QUESTION 27 Calculate Taxable income for Tax Year 2019 for the following tax scenario: Tyrone and his wife are married, file a joint

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QUESTION 27 Calculate Taxable income for Tax Year 2019 for the following tax scenario: Tyrone and his wife are married, file a joint return, and claim four children (ages 9, 12, 14, and 18) as their qualifying dependents. Their income and deductions are as follows: Salaries and Wages $155,000 Interest Income on Bank Accounts 1,400 Dividend Income 2,000 Lottery Winnings 29,000 Deduction for AGI 7,125 Itemized Deductions 25,000 Given Information - Exam #2 Standard Deduction: Head of Household Married Filing Jointly Married Filing Separately Qualified Widow(er) Single I $18,350 $24,400 $12,200 $24,400 $12,200 Additional Amount: Married Unmarried $ 1,300 $ 1,650 Child Tax Credit: Per Child $ 2,000

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