10. Pete and Liz are married and had gross earnings of $78,450 last year. They have three dependent children and did not have enough deductible expenses to bother itemizing their deductions. a. How many personal exemptions can they claim? b. What is their taxable income for the year? $ c. What tax bracket are they in? $ d. Calculate Dave and Jenni's federal income tax. $ e. What percent of their taxable income do they pay in federal income taxes? $ f. What percent of their gross income do they pay in federal income taxes?
10. Pete and Liz are married and had gross earnings of $78,450 last year. They have three dependent children and did not have enough deductible expenses to bother itemizing their deductions. a. How many personal exemptions can they claim? b. What is their taxable income for the year? $ c. What tax bracket are they in? $ d. Calculate Dave and Jenni's federal income tax. $ e. What percent of their taxable income do they pay in federal income taxes? $ f. What percent of their gross income do they pay in federal income taxes?
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Transcribed Image Text:10. Pete and Liz are married and had gross earnings of $78,450 last year. They have three
dependent children and did not have enough deductible expenses to bother itemizing
their deductions.
a. How many personal exemptions can they claim?
b. What is their taxable income for the year?
$
c. What tax bracket are they in?
$
d. Calculate Dave and Jenni's federal income tax.
$
e. What percent of their taxable income do
they pay in federal income taxes?
$
f. What percent of their gross income do
they pay in federal income taxes?
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