Enrico and his wife have combined salaries of $85,000.They have interest and dividends on their investments of $1,000 and annually contribute $3,000 to a traditional IRA.The interest on their home mortgage is $2,500,they contributed $1,000 to their church,and incurred medical expenses not covered by insurance of $1,800.Assuming they can claim two personal exemptions of $3,200 each and file joint tax returns,compute their tax liability for the year.
(a)$11,606
(b)$10,056
(c)$11,131
(d)$9,981

Question

Quizplus · Accepted Answer

The Answer of Enrico and his wife have combined salaries of $85,000.They have interest and dividends on their investments of $1,000 and annually contribute $3,000 to a traditional IRA.The interest on their home mortgage is $2,500,they contributed $1,000 to their church,and incurred medical expenses not covered by insurance of $1,800.Assuming they can claim two personal exemptions of $3,200 each and file joint tax returns,compute their tax liability for the year.
(a)$11,606
(b)$10,056
(c)$11,131
(d)$9,981

Enrico and His Wife Have Combined Salaries of $85,000