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Ruth and Jim (MFJ) have collective income of $150,000. Jim's W2 shows $60,000 (and federal tax withheld of $10,000),and Ruth's clothing store shows $90,000 income.Ruth
- Ruth and Jim (MFJ) have collective income of $150,000. Jim's W2 shows $60,000 (and federal tax withheld of $10,000),and Ruth's clothing store shows $90,000 income.Ruth has not paid any Estimated Taxes.
a. What is their taxable income?
b. What is the tax amountfor this couple?
- Tip: Don't forget to calculate 20% QBI
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Managerial Accounting
Authors: Ray Garrison, Eric Noreen, Peter Brewer
17th Edition
1260247783, 978-1260247787
