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Mr. and Mrs. Palio celebrated the birth of their third child on November 18. Required: a. Compute the effect of this event on their tax
Mr. and Mrs. Palio celebrated the birth of their third child on November 18. Required: a. Compute the effect of this event on their tax liability, assuming that their AGI was $102,400, and their taxable income before considering the new dependent was $87,300. b. Compute the effect of this event on their tax liability, assuming that their AGI was $429,000, and their taxable income before considering the new dependent was $362,000. c. Compute the effect of this event on their tax liability, assuming that their AGI was $847,000, and their taxable income before considering the new dependent was $731,000. Assume the taxable year is 2020. Complete this question by entering your answers in the tabs below. Required A Required B Required C Compute the effect of this event on their tax liability, assuming that their AGI was $102,400, and their taxable income before considering the new dependent was $87,300. (Leave no cell blank; if there is no effect, select "No effect" from dropdown and enter "O".) Effect on tax liability equired A Required B increases by No effect reduces by
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