Solved: Tax liability or refund for personal exemptions, Accounting Basics

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Tax liability or refund for personal exemptions

Question: Brad and Angie had the following income and deductions during 2010:

Salaries    $100,000
Interest income    10,000
Itemized deduction    16,000
Taxes withheld during year    14,000

Calculate Brad and Angie's tax liability or refund, assuming that they have 2 personal exemptions. They file a joint tax return.

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Accounting Basics: Tax liability or refund for personal exemptions

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