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QUESTION 3 (8 Points) Compute the requested amounts and place the answers in the spaces provided. Be sure to show your work for potential
QUESTION 3 (8 Points) Compute the requested amounts and place the answers in the spaces provided. Be sure to show your work for potential partial credit. Spiderman and MJ have been married for 28 years and have two children who qualify as their dependents (ages 15 and 18). The couple received salary income of $278,657. They sold some stock they had owned for 8 years and had an $45,000 long term gain on the sale. They also received $32,000 of corporate bond interest and $12,400 of interest from Marvel City bonds. They also cashed in a Certificate of Deposit early during the year and paid a $3,000 penalty on the early withdrawal. Additionally, Spiderman (who teaches middle school) spent $955 on supplies and snacks for his classroom. Spiderman and MJ accumulated $43,780 of itemized deductions and they had $56,590 withheld from their paychecks for federal income taxes. Gross Income Deductions FOR AGI Adjusted Gross Income Standard Deduction Itemized Deductions Taxable Income Tax Liability Amount Due OR Refund Ose the table below to show what you did and did not include in Gross Income, Deductions and/or other items and your explanation. Feel free to add additional rows as necessary. Accessibility: Good to go Item Amount Explanation
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