Employ the 2008 marginal tax rates in table 1 on page 448 of your textbook to compute the income tax owed by the following persons:
Two partners filing the single tax return. The couple has one adopted child as well as two children of their own. The husband works full time with the annual gross income of $70,000 and pays $6,000 annually to the tax-deferred IRA (Individual Retirement Account). The wife works two weeks every month for 20 hours every week. She creates $65 per hour. In the year 2008, one of the couple's children underwent the major surgery that cost $48,000. The insurance company agreed to pay only 75% of cost and the remaining amount was paid by parents. The couple owns their house as well as pay property tax in the amount of $3000 for it each and every year.
Gross income: ...........................................................................
Adjustments: .............................................................................
Deductions: ...............................................................................
Tax Credit: ................................................................................