Deductions from Adjusted Gross Income, Calculating Tax Liability (LO. 3,5) Arthur and Cora are married...
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Deductions from Adjusted Gross Income, Calculating Tax Liability (LO. 3,5) Arthur and Cora are married and have 2 dependent children. They have a gross income of $95,000. Their allowable deductions for adjusted gross income total $4,000, and they have total allowable itemized deductions of $26,250. The standard deduction for 2019 is $24,400. Refer to the Tax Rate Schedules to answer the following questions. Round intermediate computations and final answer to the nearest dollar. Note: The child tax credit in 2019 is $2,000 per child. a. Arthur and Cora's 2019 taxable income is 64,750 b. Arthur and Cora's 2019 income tax is $ 1,588 X Feedback Check My Work After determining the taxpayer's taxable income, the tax is computed using the appropriate rate for the taxpayer's filing status. c. If Arthur has $3,900 and Cora has $3,600 withheld from their paychecks then they are entitled to a refund of s 76 X Feedback Check My Work Partially correct
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