John and his wife Clara had $36,000 of adjusted gross income in 2007. They filed a joint return and took the standard deduction. Is it likely they had to pay any taxes? If so, how much?
Answer to relevant QuestionsSteve has a 28 percent marginal tax rate. What is it worth to him to have the following? a. An additional itemized deduction of $100 b. An additional $100 invested in a tax-deductible IRA c. An additional tax credit of $100 Explain the tax treatment for capital gains and capital losses. What is a federally insured deposit? Is deposit insurance important to you? Explain. Discuss factors that should be considered in choosing a bank. How does a credit card differ from a debit card? Explain.
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