The following information relates to two married couples: Falzones Falbos Salary (earned by one spouse) $32,000 $145,000
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Question:
The following information relates to two married couples:
Falzones | Falbos | |
---|---|---|
Salary (earned by one spouse) | $32,000 | $145,000 |
Taxable interest income | 80 | 1,300 |
Deductible IRA contribution | 0 | 6,000 |
Itemized deductions | 1,300 | 28,100 |
Withholding | 500 | 8,800 |
The Falzones made no charitable contributions, but $9,700 of the Falbos' itemized deductions are charitable contributions.
Compute the 2021 tax due or refund due for each couple. Assume that any restrictions on itemized deductions have been applied. Ignore credits.
Related Book For
Federal Taxation 2014 Comprehensive
ISBN: 9780133438598
27th edition
Authors: Timothy J. Rupert, Thomas R. Pope, Kenneth E. Anderson
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