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Compute the 2011 tax due or refund due to each couple

Question - The following information relates to two married couples:

Lanes Waynes

Salary (earned by one spouse) $32,000 $115,000

Interest income 1,000 10,000

Deductible IRA contribution 5,000 0

Itemized deductions 15,000 15,000

Exemptions 7,600 7,600

Withholding 700 18,700

Compute the 2011 tax due or refund due to each couple. Assume that the itemized deductions have been reduced by the applicable floor. Ignore Credits.

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Accounting Basics: Compute the 2011 tax due or refund due to each couple

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