(Answered) Question - mike and debbie married filing jointly and both

Accounting

Question - Mike and Debbie, married filing jointly, and both over 65 years of age, have no dependents. Their 2011 income tax facts are:

Mike's wages $122,000

Debbie's wages 33,000

Short-term capital gain 34,000

Long-term capital loss (45,000)

Determine their taxable income for 2011 and income tax liability (show all components of your calculation for partial credit review).

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