Ruth and Jim (MFJ) have collective income of $150,000 Jim 's W2 shows $60,000 (and federal tax withheld of $10,000),and Ruth 's clothing store shows $90,000 income Ruth has not paid any Estimated Taxes a What is their taxable income b What is the tax amount for this couple ...

a To calculate their taxable income we need to consider deductions and exemptions Lets assume they t ...

Ruth and Jim (MFJ) have collective income of $150,000. Jim's W2 shows $60,000 (and federal tax withheld

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Ruth and Jim (MFJ) have collective income of $150,000. Jim's W2 shows $60,000 (and federal tax withheld of $10,000),and Ruth's clothing store shows $90,000 income. Ruth has not paid any Estimated Taxes.

a. What is their taxable income?

b. What is the tax amount for this couple?

Related Book For answer-question

Income Tax Fundamentals 2013

ISBN: 9781285586618

31st Edition

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

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Posted Date: Jan 05, 2024 12:17 AM

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Ruth and Jim (MFJ) have collective income of $150,000. Jim's W2 shows $60,000 (and federal tax withheld

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Income Tax Fundamentals 2013

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