Answered: If they both file as Singles, together,…

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If they both file as Singles, together, how much would they owe in federal income taxes?

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter8: Taxation Of Individuals

Section: Chapter Questions

Problem 29P: Arthur and Cora are married and have 2 dependent children. They have a gross income of 95,000. Their...

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Question

Suppose Sam and Cory are married and are deciding whether to use the filing status of Single or of Married filing jointly. Cory has a taxable income of $50,000 and Sam has a taxable income of $100,000. If they both file as Singles, together, how much would they owe in federal income taxes?

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Arthur and Cora are married and have 2 dependent children. They have a gross income of 95,000. Their allowable deductions for adjusted gross income total 4,000, and they have total allowable itemized deductions of 26,250. a. What is Arthur and Coras taxable income? b. What is Arthur and Coras income tax? c. If Arthur has 3,900 and Cora has 3,600 withheld from their paychecks, are they entitled to a refund, or do they owe additional taxes?