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For the following taxpayers, compute (1) taxable income and (2) the income tax liability.Be sure to include the new Medicare taxes, if applicable. Also, don't forget about the phase-out of itemized deductions and exemptions, if applicable.Jane is single with one dependent child. Jane has the following sources of income-Salary $180,000,Taxable interest income $ 15,000Jane has itemized deductions that total $20,000.

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Accounting Basics, Accounting

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