Question
JayJay and CeeCee both work for JZ Corporation where JayJay earns $45,000 and CeeCee earns $65,000. JZ Corporation doesnt have a retirement plan for their
JayJay and CeeCee both work for JZ Corporation where JayJay earns $45,000 and CeeCee earns $65,000. JZ Corporation doesnt have a retirement plan for their employees. The following is information related to their taxes for the current tax year. What is the couples taxable income?
| Gross income $??? |
|
| JayJays Traditional IRA contribution $3,000 | Refundable Credit $2,500 |
| CeeCees Traditional IRA contribution $5,000 | Standard deduction $15,400 |
| Total itemized deductions $16,200 | Marginal tax rate 25 percent |
| A. $95,600 | ||
| B. $85,800 | ||
| C. $88,000 | ||
| D. $90,000 |
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Auditing And Assurance Services An Integrated Approach
Authors: Alvin A. Arens, Randal J. Elder, Mark S. Beasley, Chris E. Hogan
18th Edition
0137879199, 9780137879199
