Question: The following information relates to two married couples: Compute the 2015 tax due or refund due for each couple. Assume that the itemized deductions have

The following information relates to two married couples:â€‚

Compute the 2015 tax due or refund due for each couple. Assume that the itemized deductions have been reduced by the applicable floors. Ignore credits.

Lanes $32,000 1,000 5,000 15,000 8,000 700 Waynes Salary (earned by one spouse) $115,000 Interest income 10,000 Deductible IRA contribution 15,000 8,000 18,700 ltemized deductions Exemptions Withholding

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