Business, 15.02.2021 22:10 biggy54

Betty, age 39, and Steve, age 50, are married with two dependent children. They file a joint return for 2020. Their income from salaries totals $165,000; they receive $1,000 in taxable interest and $2,000 in royalties. Their deductions for adjusted gross income amount to $3,100; they have itemized deductions totaling $41,000. Calculate the following amounts: a. Gross income b. Adjusted gross income c. Itemized deduction or standard deduction amount d. Deduction for exemptions e. Taxable income f. Regular income tax liability from rate schedules

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Betty, age 39, and Steve, age 50, are married with two dependent children. They file a joint return...

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