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)?



$1.99
Sales0
Views92
Comments0
  • CreatedAugust 26, 2013
  • Files Included
Post your question
5000