Question
The following information relates to two married couples: Falzones Falbos Salary (earned by one spouse) $32,000 $145,000 Taxable interest income 80 1,300 Deductible IRA contribution
The following information relates to two married couples:
Falzones | Falbos | |
|---|---|---|
Salary (earned by one spouse) | $32,000 | $145,000 |
Taxable interest income | 80 | 1,300 |
Deductible IRA contribution | 0 | 6,000 |
Itemized deductions | 1,300 | 28,100 |
Withholding | 500 | 8,800 |
The Falzones made no charitable contributions, but $9,700 of the Falbos' itemized deductions are charitable contributions.
Compute the 2021 tax due or refund due for each couple. Assume that any restrictions on itemized deductions have been applied. Ignore credits.
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Falzones Particulars Amount Amount Filing status Married filing Joint Salary 32000 Interest income 8...
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Federal Taxation 2014 Comprehensive
Authors: Timothy J. Rupert, Thomas R. Pope, Kenneth E. Anderson
27th Edition
978-0133452006, 013345200X, 978-0133450118, 133450112, 978-0133438598
