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James and Mary are married and file a joint tax return. Together, their taxable income is...

James and Mary are married and file a joint tax return. Together, their taxable income is $80,000. How much will they pay in taxes? (Round answers to 0 decimal place, e.g. 5275.)

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Expert Solution

Particulars Amount Amount
Gross income:
Salary $          80,000
Interest $                   -  
Other income $                   -  
Gross income $          80,000
For AGI deductions $                   -  
Adjusted gross income $          80,000
Less:
Standard deduction $          24,400
Itemized deduction $                   -  
Higher of the two $          24,400
Taxable income $          55,600
Income tax liability $       6,284.00
[ 1940 + ( 55600 - 19400 ) × 0.12 ]

Tax liability is 6284

ekkarill92 answered 3 years ago
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