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From the following information determine the total 2021 tax due for Alexa and Jason Baxter, assuming they file a joint return, have three dependents all
From the following information determine the total 2021 tax due for Alexa and Jason Baxter, assuming they file a joint return, have three dependents all under the age of 8, and are not members of a qualified retirement plan: Jason's Wages Gracelyn's Wages Jason's IRA Contribution Gracelyn's IRA Contribution Gracelyn's Self Employment Income from Etsy Tax Preference Items General Business Credit Primary Residence Mortgage Interest Property Taxes $ 76,000 $ 42,000 $ 3,000 $ 3,000 $ 77,000 $ 50,000 $ 6,000 $ 18,000 $ 12,000 a) What is total Taxable Income? b) What is total Adjusted Gross Income? c) What is total Tax Liability? d) What was the Marginal Tax Bracket Rate? e) What is the Effective Tax Rate
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