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Jane and Ed Rochester are married with a two-year-old child who lives with them and whom they support financially. In 2012, Ed and Jane realized the following items of income and expense:

They also qualified for a $1,000 tax credit. Their employers withheld $1,800 in taxes from their paychecks (in the aggregate). Finally, the 2012 standard deduction amount is $11,900 and the 2012 exemption amount is $3,800.

What is the couple's gross income?
What is the couple's adjusted gross income?
What is the couple's taxable income?
What are the couple's taxes due or tax refund

 

Accounting Basics, Accounting

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  • Reference No.:- M948014

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