Victor and Maria Reduce Their Income Tax Liability The year before last, Victor earned $51,000...
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Victor and Maria Reduce Their Income Tax Liability The year before last, Victor earned $51,000 from his retail management position, and Maria began working full-time and earned $45,000 as a medical technician. After they took the standard deduction and claimed four exemptions (themselves plus their two children), their federal income tax liability was about $12,000. After hearing from friends that they were paying too much in taxes, the couple vowed to try to never again pay that much. Therefore, the Hernandezes embarked on a yearlong effort to reduce their income tax liability. This year they tracked all of their possible itemized deductions, and both made contributions to qualified retirement plans at their places of employment.
(a) Calculate the Hernandezes
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