Question
Mr and Mrs. Franklin, ages, 30 and 29, file a joint tax return for 2022 and have no dependents. They have the following information: Wages
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Mr and Mrs. Franklin, ages, 30 and 29, file a joint tax return for 2022 and have no dependents. They have the following information:
Wages $165,500
Dividend income $ 2,200
Above the line deductions $ 6,250
Itemized deductions $ 22,400
Compute their adjusted gross income (AGI)and their taxable income.
a. AGI $167,700; taxable income $145,300
b. AGI $161,450; taxable income $139,050
c. AGI $161,450; taxable income $135,550
d. AGI $173,950; taxable income $148,850
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Mr. and Mrs. Caymon, ages 68 and 66, file a joint tax return. Mrs. Caymon is legally deaf. Compute their standard deduction for 2022.
a. $25,900
b. $28,700
c. $28,500
d. $30,100
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Accounting for Governmental and Nonprofit Entities
Authors: Earl R. Wilson, Jacqueline L Reck, Susan C Kattelus
16th Edition
78110939, 978-0078110931
