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Ron and Gayle, both over 65 years of age, have the following sources of income: Consulting income $41900 Interest income 4900 Tax-exempt interest 4690 Social
Ron and Gayle, both over 65 years of age, have the following sources of income:
Consulting income | $41900 |
Interest income | 4900 |
Tax-exempt interest | 4690 |
Social security benefits | 12700 |
Ron and Gayle have itemized deductions of $16,000. Compute their taxable income.
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