Question: Based on the facts in problem 57, calculate the taxable income and the tax liability for a married couple. Total income .......... $103,000 Excludable income

Based on the facts in problem 57, calculate the taxable income and the tax liability for a married couple.
Total income .......... $103,000
Excludable income .......... 2,000
Deductions for adjusted gross income . 2,500
Deductions from adjusted gross income . 8,000

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