Required: Compute AGI. = 192, 450 Compute taxable income. = 166550 Compute net tax liability (after credits).
Required: Compute AGI. = 192, 450 Compute taxable income. = 166550 Compute net tax liability (after credits).
Chapter13: Tax Credits And Payment Procedures
Section: Chapter Questions
Problem 35P
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Question
Ali and Alex Arnaud are married with no dependent children. Ali worked for Smart Tech Corporation January through March and for Computer Associates the remainder of the year. Alex completed a degree in November and immediately began as an associate with Smith and Weber. They report the following information for 2022. Use Individual Tax Rate Schedules and Standard Deduction Table.
| Ali’s salary from Smart Tech | $ 32,000 |
|---|---|
| Ali’s salary from Computer Associates | 142,000 |
| Alex's salary from Smith and Weber | 15,550 |
| Interest from savings account | 700 |
| Itemized deductions | 9,000 |
| Dividends eligible for 15% rate | 2,200 |
Required:
- Compute AGI. = 192, 450
- Compute taxable income. = 166550
- Compute net tax liability (after credits).
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