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the following information is available for tom and susan smith, a married couple filing a joint...

the following information is available for tom and susan smith, a married couple filing a joint return, for 2019. tom is 67 and susan is 64. they have one son, sam, who is 27 years old, lived with them all year and had 2,000 of income. they had the following items for 2019:

salaries $175,000

city of fresno bond interest income 1,500

interest income from corporate bond 900

rental income (rented the entire year) 35,000

rental expenses (interest, taxes, repairs) 12,000

loss on sale of personal use vehicle 5,000

personal bad debt - loan to a friend (a promissory note was signed but the friend stopped paying) 8,000

tom contributed to his ira account (his employer did not have a retirement plan) 6,000

itemized deductions 21,000

federal tax withholding on wages 29,000

What is AGI, taxable income, federal tax amount, child and dependent tax credit, and tax balance due?

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ekkarill92 answered 1 year ago
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