Arthur and Cora are married and have 2 dependent children. They have a gross income of $95,000.

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Arthur and Cora are married and have 2 dependent children. They have a gross income of $95,000. Their allowable deductions for adjusted gross income total $4,000, and they have total allowable itemized deductions of $14,250.

a. What is Arthur and Cora's taxable income?

b. What is Arthur and Cora's income tax?

c. If Arthur has $2,900 and Cora has $3,800 withheld from their paychecks, are they entitled to a refund, or do they owe additional taxes?

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Concepts In Federal Taxation

ISBN: 9780324379556

19th Edition

Authors: Kevin E. Murphy, Mark Higgins, Tonya K. Flesher

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Question Posted: Mar 29, 2013 03:17 AM

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Arthur and Cora are married and have 2 dependent children. They have a gross income of $95,000.

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a Arthur and Cora have a taxable income of 61950 Gross income 95000 Deductions for ...View the full answer

Concepts In Federal Taxation

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