(LO3) Lily and Peter live in California and file as married filing separately. Lily earns wages of...
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(LO3) Lily and Peter live in California and file as married filing separately. Lily earns wages of \(\( \$ \) 125,000\) working as a travel planner. Peter owns a surf shop and earns Schedule C income of \(\( \$ \) 90,000\).
a. How much income will each report on their tax return this year?
b. How would your answer change if they lived in Florida?
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Related Book For
Fundamentals Of Taxation For Individuals A Practical Approach 2024
ISBN: 9781119744191
1st Edition
Authors: Gregory A Carnes, Suzanne Youngberg
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