Question

The Lindscomb family had the following income in 2012:
Salaries: Mark .......... $63,500
Ashley ............. 57,900
Interest on investments:
IBM bonds............ $ 4,750
New York City bond...... 1,400
Savings account......... 2,600
The family made home mortgage payments that included interest of $16,480, and paid real estate (property) tax of $4,320 on the home. They also paid state income tax of $5,860 and donated $1,250 to well-known charities. The Lindscombs have three dependent children.
a. Calculate the family’s federally taxable income.
b. What is their tax liability assuming they file jointly as a married couple
c. What are their average and marginal tax rates?


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  • CreatedMay 14, 2015
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