The following information is available for Tom and Alice Horton, a married couple filing a joint return,
Question:
The following information is available for Tom and Alice Horton, a married couple filing a joint return, for 2007:
Salary (earned by Tom) ..........$100,000
Interest income .............. 12,000
Deductible IRA contributions ....... 8,000
Itemized deductions ............ 11,000
Exemptions .............. 6,800
Withholding ............... 15,000
a. What is the amount of their gross income?
b. What is the amount of their adjusted gross income?
c. What is the amount of their taxable income?
d. What is the amount of their tax liability (gross tax)?
e. What is the amount of their tax due or (refund due)?
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a 112000 Gross income is total income before any deductions salary interest b ...View the full answer
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Related Book For 
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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