Jim and Wendy have wages of $172,000, interest income of $5,754 and received $60,000 from a life
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Jim and Wendy have wages of $172,000, interest income of $5,754 and received $60,000 from a life insurance policy due to the death of Jim’s uncle. They have itemized deductions of $26,333 and had $26,000 withheld in federal taxes from their wages. They file married filed jointly.
Determine their AGI, their taxable income, their tax liability and whether they owe or receive a refund. Both are under age 65.
Related Book For
Principles of Risk Management and Insurance
ISBN: 978-0132992916
12th edition
Authors: George E. Rejda, Michael McNamara
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