John and his wife filed a joint tax return for the year 2022. Their total income for
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John and his wife filed a joint tax return for the year 2022. Their total income for the year was $120,000. They have three dependent children, and they are eligible for the child tax credit of $2,000 per child. In addition, they have a mortgage interest deduction of $10,000 and a charitable contribution deduction of $5,000. If the tax rate for their income bracket is 22%, what is their federal income tax liability for the year? Show all calculations.
Related Book For
Income Tax Fundamentals 2015
ISBN: 9781305177772
33rd Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven Gill
Posted Date: