Question: Mr. and Mrs. H are married with two dependent children living with them. Their AGI is $360,000. a. Using the worksheets in Appendixes 14-A and

Mr. and Mrs. H are married with two dependent children living with them. Their AGI is $360,000.

a. Using the worksheets in Appendixes 14-A and 14-B, compute the exemptions and the below-the-line deduction that they will report in computing taxable income. Assume that itemized deductions total $44,000 (none of which were medical expense, investment interest expense, or casualty, theft, or gambling loss).

b. Now assume that itemized deductions total $13,000 (none of which were medical expense, investment interest expense, or casualty, theft, or gambling loss). What amount will they report for deductions below-the-line?

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a Itemized deductions reported 42539 Exemptions reported 9720 Computation of phaseout on it... View full answer

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