Manny is married with no children. He earns $20,000 as an electrician, and his wife,...
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Accounting
Manny is married with no children. He earns $20,000 as an electrician, and his wife, Sammy, earns $50,000 as a florist and owns her own flower shop. Sammys cost of goods sold is $10,000, and she has $5,000 of deductible business expenses. They have $17,000 in allowed itemized expenses. In addition, they file a joint marital return.
Calculate the following:
Gross Income:
Adjusted Gross Income:
Taxable income: (ignore the QBI deduction)
Total tax liability (ignore credits)
Answer & Explanation
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