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Mr. and Mrs. Lovejoy are married with no dependent children. Mr. Lovejoy worked for Smart Tech Corporation January through March and for Computer Associates the
Mr. and Mrs. Lovejoy are married with no dependent children. Mr. Lovejoy worked for Smart Tech Corporation January through March and for Computer Associates the remainder of the year. Mrs. Lovejoy finished her degree in November and immediately began as an associate with Smith and Weber. They report the following information for 2019. Use Individual Tax Rate Schedules and Standard Deduction Table.
Mr. Lovejoys salary from Smart Tech | $ | 32,000 | |
Mr. Lovejoys salary from Computer Associates | 142,000 | ||
Mrs. Lovejoy's salary from Smith and Weber | 15,550 | ||
Interest from savings account | 700 | ||
Itemized deductions | 9,000 | ||
Dividends eligible for 15% rate | 2,200 | ||
- Compute AGI.
- Compute taxable income.
- Compute net tax liability (after credits).
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