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Mike and Linda are a married couple who file jointly and have $100,000 of taxable income. They have three dependent children who are full-time
Mike and Linda are a married couple who file jointly and have $100,000 of taxable income. They have three dependent children who are full-time students in 2020. Mike and Linda provided $8,000 of support for each child. Information for each child is as follows: (Click the icon to view the information.) Read the requirement. Statutory deduction (1,100) $ 600 Net unearned income (Use the 2020 tax rate schedule for all tax calculations.) The tax liability for Karen is $ 317 Compute Susan's tax, assuming the interest income is taxable. Begin by computing the taxable income for Susan. Wages $ 11,000 Interest income 2,400 Adjusted gross income $ 13,400 Minus: Standard deduction (11,350) 2,050 Taxable income (Use the 2020 tax rate schedule for all tax calculations.) The tax liability for Susan is
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