Computation of tax the following information relates to two, Financial Accounting

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Computation of tax the following information relates to two

Computation of Tax. The following information relates to two married couples:

Lanes Salary (earned by one spouse) $32,000, Interest income 1,000 , Deductible IRA contribution 5,000, Itemized deductions 15,000 , Exemptions 8,100 , Withholding 700

Waynes salary $115,000, Interest income 10,000,Deductible IRA contribution 0, Itemized deductions 15,000, Exemptions 8,100, Withholding 18,700

Compute the 2016 tax due or refund due for each couple. Assume that the itemized deductions have been reduced by the applicable floors. Ignore credits.

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Financial Accounting: Computation of tax the following information relates to two

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Financial Accounting: Computation of tax the following information relates to two

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