Jim and sarah are married and file a joint tax return the, Ask an Expert

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Jim and Sarah are married and file a joint tax return. The couple has two children that they claim dependency exemptions for. The couple has $310,000 of gross income and $76,000 of itemized deductions for 2017.

1) Calculate taxable income and tax due.

2) If Jim receives a payroll bonus of $90,000, what is his new taxable income and tax due?

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92687918

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