Question
Mark and Michelle are married, file a joint return, and have two dependent children. Michelle is a lawyer working for a corporation. Mark works as
Mark and Michelle are married, file a joint return, and have two dependent children. Michelle is a lawyer working for a corporation. Mark works as a college science teacher.
During 2019, they report the following items:
Marks Salary 83,000
Michelles salary 120,000
Interest earned on municipal bonds 2,000
Interest earned on Federal bonds 5,000
IRA Contribution 10,000
Itemized deductions 21,000
Compute adjusted gross income, taxable income and tax owed.
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Accounting A Smart Approach
Authors: Mary Carey, Cathy Knowles, Jane Towers-Clark
3rd Edition
0198745133, 978-0198745136
