From the following information determine the total 2020 tax due for Gracelyn and Jason Baxter, assuming they
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Question:
From the following information determine the total 2020 tax due for Gracelyn and Jason Baxter, assuming they file a joint return, have three dependents all under the age of 8, and are not members of a qualified retirement plan:
Jason’s Wages $ 76,000
Gracelyn’s Wages $ 42,000
Jason’s IRA Contribution $ 3,000
Gracelyn’s IRA Contribution $ 3,000
Gracelyn’s Self Employment Income from Etsy $ 77,000
Tax Preference Items $ 50,000
General Business Credit $ 6,000
Primary Residence Mortgage Interest $ 18,000
Property Taxes $ 12,000
What is the total tax due?
Related Book For
Fundamentals of Taxation 2016
ISBN: 9781259812774
9th edition
Authors: Ana Cruz, Michael Deschamps, Frederick Niswander, Debra Prendergast, Dan Schisler, Jinhee Trone
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