Question
Mr. and Mrs. Palio celebrated the birth of their third child on November 18. Required: a . Compute the effect of this event on their
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 $ 100,600, and their taxable income before considering the new dependent was $84,500. b. Compute the effect of this event on their tax liability, assuming that their AGI was $ 420,000, and their taxable income before considering the new dependent was $ 353,000. c. Compute the effect of this event on their tax liability , assuming that their AGI was $ 838,000 , and their taxable income before considering the new dependent was $ 722,000.
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 $100,600, and their taxable income before considering the new dependent was $84,500. b. Compute the effect of this event on their tax liability, assuming that their AGI was $420,000, and their taxable income before considering the new dependent was $353,000. c. Compute the effect of this event on their tax liability, assuming that their AGI was $838,000, and their taxable income before considering the new dependent was $722,000. Assume the taxable year is 2021. 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 $100,60 considering the new dependent was $84,500. (Leave no cell blank; if there is no effect, sel enter "0".) Effect on tax liability
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