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Mr. Rivera and Mrs. Lopez are married, and they have 50 and 66 years respectively years old. Their income consisted of the following sources
Mr. Rivera and Mrs. Lopez are married, and they have 50 and 66 years respectively years old. Their income consisted of the following sources They have Salaries: Mr. Rivera $45,000 and Mr. Lopez $ 35,000 Interest received in Federal Bonds $1,000 Interest received in Private Banks Accounts $2,000 Jury Duty Compensation $3,000 Inheritance (Herencia recibida por Mrs. Lpez) $10,000 Interest in Milwaukee city bonds 1,500 Withholding Tax payment $2,000 and 3,000 Please present computation items. Make the follows calculations: Gross Income: Adjusted Gross Income: Standard Deduction Additional Standard Deduction: The taxable income is: The Total tax liability: (Please, use the table at the end of the problem) The Payment or Refund:
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