Lane and Layla are married and live in a home with their 13-year-old dependent child,...
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Accounting
Lane and Layla are married and live in a home with their 13-year-old dependent child, Landry. This year, they had the following tax information. Lanes salary $ 60,000 Laylas Qualified Business Income from sole proprietorship 95,000 Dividend income 2,800 Deduction for self-employment tax 6,712 Itemized deductions 19,200
Compute adjusted gross income (AGI) and taxable income.
AGI $151,088; taxable income $88,330.
AGI $157,800; taxable income $112,900.
AGI $151,088; taxable income $107,530.
AGI $157,800; taxable income $132,700.
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