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In 2022, Emmanuel earned $98,000 from his job. In addition, he had itemized deductions of $18,250. Lorraine earned $58,000 and had $11,200 of itemized
In 2022, Emmanuel earned $98,000 from his job. In addition, he had itemized deductions of $18,250. Lorraine earned $58,000 and had $11,200 of itemized deductions. They tied the knot in April of 2023 and want to know if it's better to file jointly or separately. Requirement A-Compute the taxable income for Emmanuel and Lorraine if they file separately and Emmanuel claims itemized deductions on his return. Requirement B - Compute their taxable income if they file jointly. Assume their total itemized deductions equals the sum of their separate itemized deductions. To receive full credit, please ensure for Requirement A taxable income is calculated for Emmanuel and Lorraine separately. For Requirement B, taxable income for calculated for Emmanuel and Lorraine as a couple.
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